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Dude, I made that comment in response to your "My coworker lost $X0,000 over Celsius" to highlight the fact that not everyone's circle is losing money. > Coinb

Dude, I made that comment in response to your "My coworker lost $X0,000 over Celsius" to highlight the fact that not everyone's circle is losing money. > Coinbase is doing the same thing as Celsius, Voyager, and FTX with their Earn / Staking products. And now the SEC is suing them over it. Why can't SEC work with Coinbase before suing them? Again, Coinbase has been seeking help from SEC for years. Brian Armstrong, the CEO of Coinbase, talked about this so many times. They are trying to work with the regulators, but the problem is that the regulators lack expertise dealing with these new asset types.

dragontamer 3y ago
> Dude, I made that comment in response to your "My coworker lost $X0,000 over Celsius" to highlight the fact that not everyone's circle is losing money. But you making money doesn't allow my friend, or anyone from FTX, or Voyager to get their money back. And you fail to see that it is HOW he lost money that I take issue with. Celsius lied about unregulated staking/interest yielding instruments to him and the natur of how it worked. And Coinbase is making the same lie right now with Coinbase Earn. And you are sitting here defending it, and ignoring three major collapses last year while doing so.
anonymouskimmer 3y ago
> Why can't SEC work with Coinbase before suing them? Again, Coinbase has been seeking help from SEC for years. How has Coinbase been "seeking help"? They are a company, they should be going to the SEC with all of the particulars of each of their investment items and saying to the SEC "We believe we have met your standards of fiduciary duty on these items that appear to be securities, have we?" They shouldn't be saying, "Hey, SEC, are these things we're selling securities, and thus need a higher standard of duty of care? Tee hee, we can't figure it out on our own, as we're just a little company with thousands of employees trading billions of dollars a year. Until you get back to us we'll just assume that they aren't securities and won't bother meeting the higher standard of care."
- andreygrehov 3y ago
  They filed a petition which SEC failed to address. The result is Coinbase suing SEC. Now, SEC sues Coinbase back. Seriously, wtf? SEC needs a massive slap on their hands. If they lack expertise and don't have enough knowledge (literally), then whoever works there should go "back to school" (figuratively speaking), learn all the ins and outs of crypto, and only after consider joining the SEC as an employee. https://assets.ctfassets.net/c5bd0wqjc7v0/5PWsXaPsqQ61gA9wlFWKEX/d1d3a27d35687082565770589ef9a3ac/Coinbase_-_Mandamus_Petition__TO_FILE_.pdf https://assets.ctfassets.net/c5bd0wqjc7v0/5PWsXaPsqQ61gA9wlF... Coinbase brings this mandamus action to seek modest, but meaningful and time-sensitive, relief: a writ requiring the Securities and Exchange Commission (SEC or Commission) to act on Coinbase’s pending rulemaking petition to provide clarity for the crypto industry. Coinbase does not ask the Court to instruct the agency how to respond. It simply requests that the Court order the SEC to respond at all. The Commission has repeatedly demonstrated that its mind is made up to deny the petition. But the Commission’s delay in formally announcing that decision has enabled it to improperly delay judicial review at a critical moment for the industry.
  - dragontamer 3y ago
    https://www.sec.gov/news/press-release/2023-102 https://www.sec.gov/news/press-release/2023-102 > “We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” said SEC Chair Gary Gensler. “In other parts of our securities markets, these functions are separate. Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC. Further, as we allege, Coinbase never registered its staking-as-a-service program as required by the securities laws, again depriving investors of critical disclosure and other protections.” Seems rather straightforward to me given this press release. Quit comingling functions. Bring your exchange to proper legal structure in the USA. Split the broker-dealer and clearinghouse functions off. And quit operating Coinbase Earn, which is an obvious security by any other name. Either that, or properly register Coinbase Earn as a security before offering it as a product to the public. If you are to keep operating Coinbase Earn, then bring it under security regulations, which means reporting upon your assets and such under whatever filing system you want (probably bonds?) Its... not even that hard to read the SEC complaint. Just read it, the complaint is right there for all of us to see.

dragontamer 3y ago

> Dude, I made that comment in response to your "My coworker lost $X0,000 over Celsius" to highlight the fact that not everyone's circle is losing money. But you making money doesn't allow my friend, or anyone from FTX, or Voyager to get their money back. And you fail to see that it is HOW he lost money that I take issue with. Celsius lied about unregulated staking/interest yielding instruments to him and the natur of how it worked. And Coinbase is making the same lie right now with Coinbase Earn. And you are sitting here defending it, and ignoring three major collapses last year while doing so.

anonymouskimmer 3y ago

> Why can't SEC work with Coinbase before suing them? Again, Coinbase has been seeking help from SEC for years. How has Coinbase been "seeking help"? They are a company, they should be going to the SEC with all of the particulars of each of their investment items and saying to the SEC "We believe we have met your standards of fiduciary duty on these items that appear to be securities, have we?" They shouldn't be saying, "Hey, SEC, are these things we're selling securities, and thus need a higher standard of duty of care? Tee hee, we can't figure it out on our own, as we're just a little company with thousands of employees trading billions of dollars a year. Until you get back to us we'll just assume that they aren't securities and won't bother meeting the higher standard of care."

andreygrehov 3y ago
They filed a petition which SEC failed to address. The result is Coinbase suing SEC. Now, SEC sues Coinbase back. Seriously, wtf? SEC needs a massive slap on their hands. If they lack expertise and don't have enough knowledge (literally), then whoever works there should go "back to school" (figuratively speaking), learn all the ins and outs of crypto, and only after consider joining the SEC as an employee. https://assets.ctfassets.net/c5bd0wqjc7v0/5PWsXaPsqQ61gA9wlFWKEX/d1d3a27d35687082565770589ef9a3ac/Coinbase_-_Mandamus_Petition__TO_FILE_.pdf https://assets.ctfassets.net/c5bd0wqjc7v0/5PWsXaPsqQ61gA9wlF... Coinbase brings this mandamus action to seek modest, but meaningful and time-sensitive, relief: a writ requiring the Securities and Exchange Commission (SEC or Commission) to act on Coinbase’s pending rulemaking petition to provide clarity for the crypto industry. Coinbase does not ask the Court to instruct the agency how to respond. It simply requests that the Court order the SEC to respond at all. The Commission has repeatedly demonstrated that its mind is made up to deny the petition. But the Commission’s delay in formally announcing that decision has enabled it to improperly delay judicial review at a critical moment for the industry.
- dragontamer 3y ago
  https://www.sec.gov/news/press-release/2023-102 https://www.sec.gov/news/press-release/2023-102 > “We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” said SEC Chair Gary Gensler. “In other parts of our securities markets, these functions are separate. Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC. Further, as we allege, Coinbase never registered its staking-as-a-service program as required by the securities laws, again depriving investors of critical disclosure and other protections.” Seems rather straightforward to me given this press release. Quit comingling functions. Bring your exchange to proper legal structure in the USA. Split the broker-dealer and clearinghouse functions off. And quit operating Coinbase Earn, which is an obvious security by any other name. Either that, or properly register Coinbase Earn as a security before offering it as a product to the public. If you are to keep operating Coinbase Earn, then bring it under security regulations, which means reporting upon your assets and such under whatever filing system you want (probably bonds?) Its... not even that hard to read the SEC complaint. Just read it, the complaint is right there for all of us to see.