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No argument about that, but Coinbase has been begging for a clear set of rules to follow for ages. Now SEC is suing Coinbase for not registering with SEC as a b
by AzzieElbab 3y ago
No argument about that, but Coinbase has been begging for a clear set of rules to follow for ages. Now SEC is suing Coinbase for not registering with SEC as a broker/exchange, but the SEC itself wouldn't let them register because they(the SEC) couldn't decide if crypto is a currency or security. The whole thing is a political fallout of the FTX crisis.
- rwmj 3y agoThey have set clear rules, just not ones that Coinbase likes.
- AzzieElbab 3y agoCan you explain what those rules are wrt crypto?
- ImPostingOnHN 3y agoin order to learn more about them, the term to look for is "securities law" I assume you aren't asking that person to "explain" all of securities law in a HN comment
- AzzieElbab 3y agoBut SEC refused to categorize crypto as securities
- ImPostingOnHN 3y agoI'm sorry, I'm not familiar with the history, did they explicitly say that crypto were not securities? explicitly saying they are is not necessary for them to be.
- FireBeyond 3y agoNo, they haven't, they've put out Press Releases to that effect. But when it actually comes time for court filings, which are what really matter, they instead acknowledge that they know exactly what the rules are, but that they "disagree". And why do they disagree? "because for numerous tokens, regulation would require undue effort or not be financially viable [for Coinbase]". "Your rules are not profitable for us", essentially.