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SEC is supposed to tell them what is a security and what isn’t so they can refrain from selling them. Exchanges have been asking for clarification over and over
by drexlspivey 3y ago
SEC is supposed to tell them what is a security and what isn’t so they can refrain from selling them. Exchanges have been asking for clarification over and over. So far the only thing the SEC said on the subject is that BTC in not a security but nothing about the other cryptos.
In the absence of regulatory clarity Coinbase have devised their own framework to classify what tokens aren’t securities and proceeded to list them. I don’t know how you can blame them. It’s the SEC’s job to tell them what they can trade and what they can’t but they refuse to do it.
- TylerE 3y agoThey did tell them - Howey test etc, Coinbase just didn't like the answer and thus has been pretending they didn't hear it.
- drexlspivey 3y agoPlease point to where the SEC has made any official statement defining which crypto is and isn't a security.
- TylerE 3y agoThat's not how it works. They say what a security is. It's not their job to be babysit. Corps wishing to play in this field are expected to understand the basic foundations.
- Yizahi 3y agoWhen tokenbro industry invented a very convoluted asset class they expected government to say "Oh, it's really hard to understand and classify it, that's why we won't do it at all. You guys can do whatever you want now.". But actually they said "Oh, it's really hard to understand and classify it, that's why we will have to do it the long and painful way, and you guys can wait for us or not. But if you want to operate before the decision is reached - it's on you if you break the law.". Apparently a really convoluted business plan is not an inherent human right, if it is masking law infringement in he mean time. Who knew, right?:)