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> …all of the SEC’s questions in writing and then again in person… They asked for documents and written responses… Plain as day! And since you have so much ex
by peterbonney 5y ago
> …all of the SEC’s questions in writing and then again in person… They asked for documents and written responses…
Plain as day!
And since you have so much experience dealing with the SEC, you surely understand that the specific questions they ask will typically reveal precisely their rationale for taking the (extraordinary) step of an enforcement action, just as a prosecutor’s investigatory questions reveals their legal theory of a crime.
The SEC doesn’t go around issuing Wells notices every day, and they typically don’t issue them without giving recipients the opportunity to choose a different path. We’re only hearing one side of this story, and even that one side contains so many hints of willful obtuseness that you have to be a blind partisan to take Coinbase’s “shock” at face value.
- seibelj 5y agoThe SEC can and does provide candid advice. I know entrepreneurs who have had lengthy calls with both state and federal SEC reps who will give straight talk. This is not that. This is preparation to make a court case to use as precedent to attack the industry. I feel the SEC is being a bad actor - stifling innovation rather than encouraging it. Over the last 10 years the HN chattering class has dismissed crypto endlessly. I laugh all the way to the bank and its rise has been inevitable to anyone who understands software and finance. I look forward to the court case.
- deleted 5y ago[deleted]
- jjulius 5y ago>I laugh all the way to the bank... Cool.
- yunohn 5y ago> I laugh all the way to the bank… You ran an ICO that settled with the SEC. I’m not clear on what value you offered to the public, or how you justify “making bank”?
- chitowneats 5y agoPresumably he's referring to the bitcoin price.
- wonnage 5y agos/ICO/exit scam
- pavlov 5y agoIt’s incredible. This guy sold $15M USD of worthless tokens to the public. Investors lost their money. Instead of feeling ashamed, he’s proud of having settled the case out of court and “laughed all the way to the bank”. Crypto ethics are truly well hidden.
- seibelj 5y agoNo admission of wrongdoing, all money returned to investors, and IMO we didn't do anything wrong despite the SEC's opinion. I laugh to the bank because I've been in crypto for a decade!
- pavlov 5y agoWell, I stand corrected. You returned the money because you got caught. How upstanding. Your crypto schemes are just boiler room scams dressed up in CS jargon.
- jjulius 5y ago>I laugh to the bank... Because it's money that counts above all else, right? Edit: It seems like your former company has still been operating in a shady manner since your departure [1], making it that much harder for me to take anything you say in good faith. [1] https://medium.com/@svenema/sec-powerless-against-crypto-rug-pull-airfox-kills-registered-security-token-68f21cafeb79 https://medium.com/@svenema/sec-powerless-against-crypto-rug...
- seibelj 5y agoI have not worked there for several years, and ownership is now Brazilian, no idea what they are doing now.
- encryptluks2 5y agoI personally look forward to the SEC handing it to Coinbase hard. After having Coinbase ignore multiple support requests for over 3 months where they weren't giving me my staking rewards, I can only assume they decided to just up and keep them for themselves. Coinbase will always be considered a joke to me when they can't even respond to their customers.