Coinbase Pushback

in crypto •  last year 

Coinbase (COIN) Drops 10% As CEO Discloses Absurd SEC Request

After a shocking revelation by CEO Brian Armstrong, Coinbase, the Nasdaq-listed crypto exchange, saw its share price plummet by more than 10%. The reason: a controversial request from the US Securities and Exchange Commission (SEC) prior to the lawsuit against Coinbase. The SEC’s demand? That Coinbase halts trading in all cryptocurrencies other than Bitcoin.

SEC Coinbase demand would have meant ‘end of crypto in the US’

According to Armstrong, “We said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”

My italics. That's racketeering.

Note also that ETH was not excluded from the blanket coins-are-securities gambit.

As I have said many times, look at the history of the Eurodollar market in Europe, and especially in London, to see many parallels with crypto in the USA. Also note that the potential profits in international finance mean that it is nothing new to see jurisdictions being quite brutal with their local currency, yet totally lax as other currencies slosh around their financial system.

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      ·  last year  ·  

    The only "shocking" thing here is their admission that ETH is a security - the rest is just banksterism.

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      ·  last year  ·  

    Selling Bitcoin Based Stocks!
    https://en.bitcoinsistemi.com/selling-bitcoin-based-stocks/

    Since the beginning of the year, companies that correlated with Bitcoin and had direct exposure to cryptocurrencies offered a higher return than BTC and delighted their investors.

    But not recently.

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      ·  last year  ·  

    $XRP: Former SEC Lawyer Applauds Judge Rakoff’s Decision, Says There Will be More Rejections of Judge Torres’ Decision
    https://www.cryptoglobe.com/latest/2023/08/xrp-former-sec-lawyer-applauds-judge-rakoffs-decision-says-there-will-be-more-rejections-of-judge-torres-decision/

    Judge Rakoff dismissed the notion of drawing a distinction between coins based on their manner of sale, a stance that directly contradicts the approach adopted by another judge in the Ripple case. He emphasized that the law does not support the idea that a coin sold directly to institutional investors is considered a security, while the same coin sold through secondary market transactions to retail investors is not.

    This always looked to me like a finesse.

    Judge Rakoff also dismissed Terraform’s invocation of the major questions doctrine, a legal argument gaining traction in the industry, as a reason to dismiss the SEC’s case. He argued that the cryptocurrency industry, while important, does not bear the vast economic and political significance required to invoke this doctrine.

    So, crypto is NOT too big to fail!

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      ·  last year  ·  
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