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This is indeed straightforward, but I'm not complaining about it. If all of these requirements had been outlined by the SEC prior to the release of the products

This is indeed straightforward, but I'm not complaining about it. If all of these requirements had been outlined by the SEC prior to the release of the products, Coinbase would've followed the rules. Now when all of these products are in production, the SEC woke up and like: "heeey, this is a security, you must follow the rules". But there were no rules before. So, shall Coinbase just sit there and wait while the SEC learns more about blockchains? I don't know if there was any "warning" from the SEC, but if not, they should've published a public one first: "Due to X, Y and Z, the SEC gives Coinbase 6 months to split the broker-dealer and clearinghouse functions off".

dragontamer 3y ago
> But there were no rules before. The rules always were there. Just that the SEC was willing to turn a blind eye for years on this issue. The reason why SEC couldn't ignore this anymore is FTX and SBF. It became clear that cryptocoins are full of fraudsters, and the cryptocoin community has absolutely no way to differentiate from the fraudsters and the legitimate groups. SEC is simply not in a position to keep turning a blind eye to the cryptocoin world after $10,000,000,000+ was stolen by FTX and SBF.