3 ms·

Why did sec need anything to say when it was clear the product was a security from the beginning?

888666 4y ago
If it's so clear, and people disagree, wouldn't it be common sense to just say it? Declining to comment makes no sense here.
- tehlike 4y ago
  Isn't howey test fairly clear as to what it is?
  - landoftheice 4y ago
    [dead]
- landoftheice 4y ago
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humanizersequel 4y ago
Because it isn't clear the product is a security at all. Coinbase earn is an IT service where Coinbase (or a contractor representing them) interacts with a protocol on your behalf in exchange for a cut of the proceeds.
- tehlike 4y ago
  https://archive.ph/RX8aj https://archive.ph/RX8aj
  - humanizersequel 4y ago
    I have read this article, and to the best of my recollection it contains zero discussion of Coinbase's Earn product.
    - tehlike 4y ago
      Then read also this: https://archive.ph/KueXO https://archive.ph/KueXO PArt of Coinbase earn is defi yield(aka lending), part of it is crypto staking. I also suggest you to read howey yest and make your own conclusions.
      - humanizersequel 4y ago
        >PArt of Coinbase earn is defi yield(aka lending), part of it is crypto staking. Wrong. Nothing currently implemented in Coinbase Earn could be reasonably considered "lending". The article you linked is 2 years old and about Coinbase's prospective "Lend" product — which, as I understand it, never launched, perhaps because of a Wells notice submitted in 2021. This statement is about the one they've received more recently "regarding an unspecified portion of our listed digital assets, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet": 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...
        tehlike 4y ago
        > regarding an unspecified portion of our listed digital assets I believe that's the first link. Most (if not exactly 100% of them) cryptocurrencies are securities as per howey test. Tron in particular, matt levine calls out, is clearly securities, among other things. Coinbase also listed a lot of other tokens that were also clearly securities. I don't know why this is not clear.
        humanizersequel 4y ago
        Whether or not Coinbase is operating a securities exchange (they obviously are, despite the fact that I don't necessarily agree that "most" cryptocurrencies they list being securities by any reasonable application of the Howey test), and whether Coinbase Earn ("the product") is a security, are two distinct questions.
        4y ago
max51 4y ago
if it was that clear, why would they refuse to confirm it? You can't argue an answer is super evident and at the same time insist that it is impossible for you to provide it.

If it's so clear, and people disagree, wouldn't it be common sense to just say it? Declining to comment makes no sense here.

tehlike 4y ago
Isn't howey test fairly clear as to what it is?
- landoftheice 4y ago
  [dead]
landoftheice 4y ago
[dead]

humanizersequel 4y ago

Because it isn't clear the product is a security at all. Coinbase earn is an IT service where Coinbase (or a contractor representing them) interacts with a protocol on your behalf in exchange for a cut of the proceeds.

tehlike 4y ago
https://archive.ph/RX8aj https://archive.ph/RX8aj
- humanizersequel 4y ago
  I have read this article, and to the best of my recollection it contains zero discussion of Coinbase's Earn product.
  - tehlike 4y ago
    Then read also this: https://archive.ph/KueXO https://archive.ph/KueXO PArt of Coinbase earn is defi yield(aka lending), part of it is crypto staking. I also suggest you to read howey yest and make your own conclusions.
    - humanizersequel 4y ago
      >PArt of Coinbase earn is defi yield(aka lending), part of it is crypto staking. Wrong. Nothing currently implemented in Coinbase Earn could be reasonably considered "lending". The article you linked is 2 years old and about Coinbase's prospective "Lend" product — which, as I understand it, never launched, perhaps because of a Wells notice submitted in 2021. This statement is about the one they've received more recently "regarding an unspecified portion of our listed digital assets, our staking service Coinbase Earn, Coinbase Prime, and Coinbase Wallet": 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...
      - tehlike 4y ago
        > regarding an unspecified portion of our listed digital assets I believe that's the first link. Most (if not exactly 100% of them) cryptocurrencies are securities as per howey test. Tron in particular, matt levine calls out, is clearly securities, among other things. Coinbase also listed a lot of other tokens that were also clearly securities. I don't know why this is not clear.
        humanizersequel 4y ago
        Whether or not Coinbase is operating a securities exchange (they obviously are, despite the fact that I don't necessarily agree that "most" cryptocurrencies they list being securities by any reasonable application of the Howey test), and whether Coinbase Earn ("the product") is a security, are two distinct questions.
        4y ago

max51 4y ago

if it was that clear, why would they refuse to confirm it? You can't argue an answer is super evident and at the same time insist that it is impossible for you to provide it.