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> cause I'm getting downvotes. See below. The point that I'm making is that if this company is acting illegally, then why is it still trading? Is your position

by ac29 4y ago

> cause I'm getting downvotes. See below. The point that I'm making is that if this company is acting illegally, then why is it still trading? Is your position that no publicly traded company has ever done anything illegal?

latchkey 4y ago
Not what I'm saying at all. I'm saying that a publicly traded company went through all of the due diligence that it takes to become a publicly traded company (if you've ever been through that, it is pretty intense) and then asked for further clarification on their existing practices, couldn't get that, then got served a wells notice and is now having to go to court to get further clarification. All because the SEC can't or won't give clear guidance on things that they are supposed to be in charge of.
- ahahahahah 4y ago
  > asked for further clarification on their existing practices, couldn't get that, That's not right. They got clarification they just didn't like the answer.
  - latchkey 4y ago
    https://finance.yahoo.com/news/coinbase-says-just-no-way-to-register-with-sec-amid-calls-for-compliance-161129587.html https://finance.yahoo.com/news/coinbase-says-just-no-way-to-... "When we ask specific questions: How do we get to a path to registration? There's never an answer," Shirzad said.
    - ahahahahah 4y ago
      I asked the DEA how to get a path to register to be able to sell fentanyl to anyone, they didn't have any answer so I just opened up shop.
      - latchkey 4y ago
        Terrible analogy. fentanyl requires a prescription to get access to it. There are well defined processes for this. Until the SEC defines what sort of requirements there are to purchase crypto (like the FDA has [0]), coinbase isn't doing anything illegal by selling it. [0] https://www.accessdata.fda.gov/drugsatfda_docs/label/2019/019813s079lbl.pdf https://www.accessdata.fda.gov/drugsatfda_docs/label/2019/01...
        vkou 4y ago
        There are well-defined processes for selling unregistered securities. Either get them registered, or don't sell them.
        latchkey 4y ago
        No, there isn't. https://www.coindesk.com/policy/2023/04/19/sec-chair-gensler-declines-to-say-if-ether-is-a-security-in-contentious-congressional-hearing/ https://www.coindesk.com/policy/2023/04/19/sec-chair-gensler...
        vkou 4y ago
        That has nothing to do with what I said, or with why Coinbase is in hot water right now. Eth might not be a security, and Coinbase would still be trading other unregistered securities. It's telling that all their press releases don't actually address the problem. (Also, it's not the exchange's responsibility to register securities, it's the issuer's.)
        latchkey 4y ago
        Part of the Wells Notice is around the Coinbase Earn stacking service, which is staking ETH. That's what the SEC is going after and which Gensler can't even answer is a security or not.
        4y ago

by ac29 4y ago

latchkey 4y ago

Not what I'm saying at all. I'm saying that a publicly traded company went through all of the due diligence that it takes to become a publicly traded company (if you've ever been through that, it is pretty intense) and then asked for further clarification on their existing practices, couldn't get that, then got served a wells notice and is now having to go to court to get further clarification. All because the SEC can't or won't give clear guidance on things that they are supposed to be in charge of.

ahahahahah 4y ago
> asked for further clarification on their existing practices, couldn't get that, That's not right. They got clarification they just didn't like the answer.
- latchkey 4y ago
  https://finance.yahoo.com/news/coinbase-says-just-no-way-to-register-with-sec-amid-calls-for-compliance-161129587.html https://finance.yahoo.com/news/coinbase-says-just-no-way-to-... "When we ask specific questions: How do we get to a path to registration? There's never an answer," Shirzad said.
  - ahahahahah 4y ago
    I asked the DEA how to get a path to register to be able to sell fentanyl to anyone, they didn't have any answer so I just opened up shop.
    - latchkey 4y ago
      Terrible analogy. fentanyl requires a prescription to get access to it. There are well defined processes for this. Until the SEC defines what sort of requirements there are to purchase crypto (like the FDA has [0]), coinbase isn't doing anything illegal by selling it. [0] https://www.accessdata.fda.gov/drugsatfda_docs/label/2019/019813s079lbl.pdf https://www.accessdata.fda.gov/drugsatfda_docs/label/2019/01...
      - vkou 4y ago
        There are well-defined processes for selling unregistered securities. Either get them registered, or don't sell them.
        latchkey 4y ago
        No, there isn't. https://www.coindesk.com/policy/2023/04/19/sec-chair-gensler-declines-to-say-if-ether-is-a-security-in-contentious-congressional-hearing/ https://www.coindesk.com/policy/2023/04/19/sec-chair-gensler...
        vkou 4y ago
        That has nothing to do with what I said, or with why Coinbase is in hot water right now. Eth might not be a security, and Coinbase would still be trading other unregistered securities. It's telling that all their press releases don't actually address the problem. (Also, it's not the exchange's responsibility to register securities, it's the issuer's.)
        latchkey 4y ago
        Part of the Wells Notice is around the Coinbase Earn stacking service, which is staking ETH. That's what the SEC is going after and which Gensler can't even answer is a security or not.
        4y ago