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If the SEC won’t identify the alleged security then I think it’s different than what you’d characterize. The SEC should have a more collaborative spirit and sh

If the SEC won’t identify the alleged security then I think it’s different than what you’d characterize. The SEC should have a more collaborative spirit and share so that Coinbase can follow regulations or make their case. If the SEC is actually withholding this information they are acting in bad faith and operating more like a mob shaking someone down.

TylerE 4y ago
Or coin base could actually hire and listen to them like a business trying to operate legitimately and honestly. Instead it’s the usual crypto playbook of “move fast and break things” and then play dumb.
- thepasswordis 4y ago
  Do you have any evidence to back this up? It seems like coinbase has been trying to work with the SEC since the very beginning. Being 100% legit is kindof their whole schtick.
  - TylerE 4y ago
    The SEC told them last year that staking was a security and now they’re being all surprisedpikachu and pretending they don’t know what this is about.
- aikinai 4y ago
  You're being intentionally disingenuous. Coinbase's entire value is tied to them being the safest, most legal crypto brokerage.
  - headsoup 4y ago
    If they're trying to be that then they probably shouldn't be offering shitcoins like "I will poop it NFT" or "PonziCOIN".
    - JohnTHaller 4y ago
      I think some people think you are being facetious. Coinbase lists both of these but only allows SHIT to be custodied in your Coinbase wallet. PonziCOIN (Symbol: PONZI) - Down 98.8% from high - https://www.coinbase.com/price/ponzicoin https://www.coinbase.com/price/ponzicoin I will poop it NFT (Symbol: SHIT) - Down 98.5% from high - https://www.coinbase.com/price/i-will-poop-it-nft https://www.coinbase.com/price/i-will-poop-it-nft Coinbase lists 17,028 "assets", as it calls them, but only allows trading of 254. While some of the meme coins like the above only have a market cap of $703, the smallest asset Coinbase currently lets you trade has a market cap of $3M.
  - stametseater 4y ago
    > the safest, most legal crypto brokerage. https://en.wikipedia.org/wiki/Damning_with_faint_praise https://en.wikipedia.org/wiki/Damning_with_faint_praise
- awb 4y ago
  It’s the Uber playbook. Expand faster than regulators can keep up.
- TimJRobinson 4y ago
  They have been trying for years, the SEC does not want to engage in good faith discussion. They wrote a response about it here: https://www.coinbase.com/blog/we-asked-the-sec-for-reasonable-crypto-rules-for-americans-we-got-legal https://www.coinbase.com/blog/we-asked-the-sec-for-reasonabl...
  - TylerE 4y ago
    Coinbase isn’t exactly operating in good faith either with this “oh we couldn’t possibly know what they’re talking about” BS.
  - peterbonney 4y ago
    That is one side of a conversation where the other party as a rule never comments. Coinbase is simply not a reliable source for characterizing the SEC’s position on this.
  - senttoschool 4y ago
    You think Brian Armstrong is innocent that he's operating in good faith? We all know that all of the coins on Coinbase are either securities, ponzis, or yet to be rug-pulled scams. Sometimes all 3. Coinbase and Brian Armstrong is defrauding the public.
giancarlostoro 4y ago
They probably follow regulations better than most organizations far as I can tell. Other exchanges dont even bother to setup IRS friendly downloads. I'm inclined to believe that CoinBase wants to be compliant but SEC is sending over incompetent people to communicate. This is where the Bobs firing the guy who talks to the engineer between the customer and the engineers is a mistake. You need people persons who can just tell you exactly what you need to hear.
rtpg 4y ago
If I had to guess, the SEC is actually saying "you are offering many products, and _way too many of them_ are securities. We will not list them all because it would be way too much work. We will not list one because we don't want you to overfit on the example. We want you to actually do the analysis across all of your products". I have to imagine the SEC and Coinbase are in fact talking directly on a more off the record basis here as well... but who knows. I think the equivalent here is the IRS saying "look, these numbers look wrong to us. Please check them. We are not in the job of doing taxes for you".
- Taek 4y ago
  The entire crypto industry has spent billions of dollars on compliance and the effective opinion of all the lawyers is "there's not enough guidance, anything you do that touches a token carries potential liability, and the SEC is refusing to lay down any sort of rules for what a compliant token looks like" Coinbase has plenty of lawyers and legal budget and would happily do an analysis if sufficient guidance actually existed to complete an analysis.
  - 8note 4y ago
    Isnt it obvious? A compliant token is a security. Trying to play games to make them not securities is where crypto's lawyers are going wrong Crypto is looking for a hack that can make their stuff not securities, and the SEC isn't playing along
    - panphora 4y ago
      Exactly.
    - junofan 4y ago
      What’s a compliant token? How can I register my token with the SEC?
      - loeg 4y ago
        https://www.investor.gov/introduction-investing/investing-basics/glossary/registration-under-securities-act-1933 https://www.investor.gov/introduction-investing/investing-ba...

TylerE 4y ago

Or coin base could actually hire and listen to them like a business trying to operate legitimately and honestly. Instead it’s the usual crypto playbook of “move fast and break things” and then play dumb.

thepasswordis 4y ago
Do you have any evidence to back this up? It seems like coinbase has been trying to work with the SEC since the very beginning. Being 100% legit is kindof their whole schtick.
- TylerE 4y ago
  The SEC told them last year that staking was a security and now they’re being all surprisedpikachu and pretending they don’t know what this is about.
aikinai 4y ago
You're being intentionally disingenuous. Coinbase's entire value is tied to them being the safest, most legal crypto brokerage.
- headsoup 4y ago
  If they're trying to be that then they probably shouldn't be offering shitcoins like "I will poop it NFT" or "PonziCOIN".
  - JohnTHaller 4y ago
    I think some people think you are being facetious. Coinbase lists both of these but only allows SHIT to be custodied in your Coinbase wallet. PonziCOIN (Symbol: PONZI) - Down 98.8% from high - https://www.coinbase.com/price/ponzicoin https://www.coinbase.com/price/ponzicoin I will poop it NFT (Symbol: SHIT) - Down 98.5% from high - https://www.coinbase.com/price/i-will-poop-it-nft https://www.coinbase.com/price/i-will-poop-it-nft Coinbase lists 17,028 "assets", as it calls them, but only allows trading of 254. While some of the meme coins like the above only have a market cap of $703, the smallest asset Coinbase currently lets you trade has a market cap of $3M.
- stametseater 4y ago
  > the safest, most legal crypto brokerage. https://en.wikipedia.org/wiki/Damning_with_faint_praise https://en.wikipedia.org/wiki/Damning_with_faint_praise
awb 4y ago
It’s the Uber playbook. Expand faster than regulators can keep up.
TimJRobinson 4y ago
They have been trying for years, the SEC does not want to engage in good faith discussion. They wrote a response about it here: https://www.coinbase.com/blog/we-asked-the-sec-for-reasonable-crypto-rules-for-americans-we-got-legal https://www.coinbase.com/blog/we-asked-the-sec-for-reasonabl...
- TylerE 4y ago
  Coinbase isn’t exactly operating in good faith either with this “oh we couldn’t possibly know what they’re talking about” BS.
- peterbonney 4y ago
  That is one side of a conversation where the other party as a rule never comments. Coinbase is simply not a reliable source for characterizing the SEC’s position on this.
- senttoschool 4y ago
  You think Brian Armstrong is innocent that he's operating in good faith? We all know that all of the coins on Coinbase are either securities, ponzis, or yet to be rug-pulled scams. Sometimes all 3. Coinbase and Brian Armstrong is defrauding the public.

giancarlostoro 4y ago

They probably follow regulations better than most organizations far as I can tell. Other exchanges dont even bother to setup IRS friendly downloads. I'm inclined to believe that CoinBase wants to be compliant but SEC is sending over incompetent people to communicate. This is where the Bobs firing the guy who talks to the engineer between the customer and the engineers is a mistake. You need people persons who can just tell you exactly what you need to hear.

rtpg 4y ago

If I had to guess, the SEC is actually saying "you are offering many products, and _way too many of them_ are securities. We will not list them all because it would be way too much work. We will not list one because we don't want you to overfit on the example. We want you to actually do the analysis across all of your products". I have to imagine the SEC and Coinbase are in fact talking directly on a more off the record basis here as well... but who knows. I think the equivalent here is the IRS saying "look, these numbers look wrong to us. Please check them. We are not in the job of doing taxes for you".

Taek 4y ago
The entire crypto industry has spent billions of dollars on compliance and the effective opinion of all the lawyers is "there's not enough guidance, anything you do that touches a token carries potential liability, and the SEC is refusing to lay down any sort of rules for what a compliant token looks like" Coinbase has plenty of lawyers and legal budget and would happily do an analysis if sufficient guidance actually existed to complete an analysis.
- 8note 4y ago
  Isnt it obvious? A compliant token is a security. Trying to play games to make them not securities is where crypto's lawyers are going wrong Crypto is looking for a hack that can make their stuff not securities, and the SEC isn't playing along
  - panphora 4y ago
    Exactly.
  - junofan 4y ago
    What’s a compliant token? How can I register my token with the SEC?
    - loeg 4y ago
      https://www.investor.gov/introduction-investing/investing-basics/glossary/registration-under-securities-act-1933 https://www.investor.gov/introduction-investing/investing-ba...