SEC Charges Coinbase for Operating as an Unregistered Securities Exchange \ stacker news ~bitcoin

SEC Charges Coinbase for Operating as an Unregistered Securities Exchange www.sec.gov/news/press-release/2023-102?s=09

4765 sats \ 40 comments \ @ZAPME 6 Jun bitcoin

1629 sats \ 6 replies \ @mudbloodvonfrei 6 Jun

One small step backwards for bitcoin, one giant crash for shitcoins.

542 sats \ 0 replies \ @nymkappa_ 6 Jun

That's a step forward for Bitcoin 😁

66 sats \ 1 reply \ @jk_14 6 Jun

rotfl, sats incoming... :)

100 sats \ 0 replies \ @mudbloodvonfrei 6 Jun

Thanks!

0 sats \ 1 reply \ @quark 6 Jun

Bitcoin Dominance went up today. Looking forward to the be above 50 soon.

0 sats \ 0 replies \ @OriginalSize 6 Jun

It's been a fun stat sometimes, but it means nothing. If anything it overstates the importance of so many illiquid ahem unregistered securities.

0 sats \ 0 replies \ @BlokchainB 6 Jun

😂

511 sats \ 7 replies \ @faithandcredit 6 Jun

It is so political and boring. I mean its subtle but its political and its boring and it sucks.

Coinbase has made billions of dollars unlawfully facilitating the buying and selling of crypto asset securities.

So if they only made millions it would be ok? The only reason coinbase has made billions is because you didnt act until now

"You simply can’t ignore the rules because you don’t like them or because you’d prefer different ones: the consequences for the investing public are far too great,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.

Coinbase has been BEGGING for clarifiation for years. But SEC refuses to give any guidelines what so ever for staking and what not. But this SEC goon try to make it seem as if thats not the case. I mean as much as i dislike altcoins and what not, the dishonest and frankly corrupt political bureaucracy is way worse

50 sats \ 5 replies \ @jk_14 6 Jun

Everybody running exchanges like Coinbase - had from the beginning the knowledge, that listing coins with premine is more risky than listing coins without premine. But greed was bigger than fear, it seems...

66 sats \ 3 replies \ @m00ninite 6 Jun

Just the cost of doing business. Whatever punishment (if any) coming their way is dwarfed by the insane profit over the last several years

66 sats \ 2 replies \ @jk_14 6 Jun

That was their fully conscious decision, then.

0 sats \ 1 reply \ @faithandcredit 6 Jun

Why have sidechains not really taken off

3 sats \ 0 replies \ @m00ninite 6 Jun

Probably cus spinning your own altcoin makes a lot more money.

0 sats \ 0 replies \ @faithandcredit 6 Jun

But what are they supposed to do. One exchange does it, SEC says nothing, and since its popular among traders other exchanges have to follow suit or lose users

3 sats \ 0 replies \ @Undergotten 6 Jun

Gurbir S. Grewal sounds like the name of an evil troll in a children's story. Like he's gonna come out from under a bridge and eat your goat.

194 sats \ 3 replies \ @siggy47 6 Jun

I'm not good with memes. Can anyone make a nice one depicting Gary and Vitalik making out? Or at least showing each other their love?

0 sats \ 1 reply \ @jk_14 6 Jun

try this: https://youtu.be/4mjyJ__DUac?t=125

21 sats \ 0 replies \ @siggy47 6 Jun

Gotta love the Curb Your Enthusiasm music!

0 sats \ 0 replies \ @faithandcredit 6 Jun

Sounds like a decent art generator could come up with something unless it doesent do actual persons for ethical reasons and what not

319 sats \ 0 replies \ @kilianbuhn 6 Jun

Does that mean they have to make some shitcoins into securities? Also retrospective to 2019?

21 sats \ 0 replies \ @TomK 6 Jun

I still don't get it how people would park 'money' on a start-up platform like Binance or BlockFi for hunting some bps of interest. There's literally zero economical education in the overwhelming majority of households to make this possible. Get them poor girls and guys to SN... put them under the cold shower of DarthCoin...

1 sat \ 9 replies \ @ZAPME OP 6 Jun

How much can we expect bitcoin to go? $20000? @mudbloodvonfrei

21 sats \ 7 replies \ @fiatbad 6 Jun

What does this have to do with Bitcoin? If anything, wouldn't it be good for Bitcoin?

The shitcoin industry has been the number one reason for why Bitcoin adoption isn't happening more rapidly. Let them burn.

133 sats \ 4 replies \ @DiracDelta 6 Jun

Shitcoiners about to be poor and will need to spend their bitcoin

0 sats \ 3 replies \ @fiatbad 6 Jun

lol, true. But if they were shitcoiners, then they probly don't have much real money (Bitcoin)

100 sats \ 2 replies \ @DiracDelta 6 Jun

Two types of shitcoiners: sociopath & just stupid

0 sats \ 1 reply \ @fiatbad 6 Jun

Right, and both are poor.

100 sats \ 0 replies \ @DiracDelta 6 Jun

Hopefully

0 sats \ 0 replies \ @guts 6 Jun

Bitcoin is not the only green-lighted by the SEC, almost sure the SEC is not allowed to touch Ethereum.

0 sats \ 0 replies \ @ewok 6 Jun

An emboldened SEC can come after bitcoin just the same, on made up bs. They gave cb the green light and reversed course. You could see them start calling btc a security even though they recognize it as a commodity today.

0 sats \ 0 replies \ @mudbloodvonfrei 6 Jun

No idea. I will say this, I have very mixed feelings about the price of bitcoin going down. It's cheaper to buy, so I'm happy, but it's also kind of like rooting against your kid's softball team so that's a bit awkward. It also makes it really hard to orange pill people because they're like "didn't the price just crash?" People only want to buy when the price is up.

5 sats \ 0 replies \ @takaponka 6 Jun

Simping for any kind of regulations is totally dumb, even against CEX and tokens.

10 sats \ 0 replies \ @nout 7 Jun

I recommend actually downloading the complaint and seeing the references about ETH. ETH is very much included in the complaint, see the details about staking, etc.

The phrasing is like

"This includes, but is not limited to, the units of each of the crypto asset securities further described below—with trading symbols SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO—(the “Crypto Asset Securities”)"

55 sats \ 0 replies \ @Easy 6 Jun

Bitcoin is here to stay, there is no second best!!

2 sats \ 0 replies \ @JesseJames 6 Jun

They will just leave the US, and that's prolly what they want. Coinbase should switch to BTC only and become one of the last on-ramp businesses for BTC. Just my opinion.

0 sats \ 0 replies \ @godlikeXi 7 Jun

This is fine. SEC needs something to do and this is the hill they chose. And they think there's billions in fines to levy. BTC wins. Shitcoins die. Godspeed.

0 sats \ 0 replies \ @godlikeXi 6 Jun

So move it all to wallets you control? Which you should be doing anyway. Cool.

Stack sats.

0 sats \ 0 replies \ @Rsync25 6 Jun

Good!

0 sats \ 0 replies \ @faithandcredit 6 Jun

deleted by author

0 sats \ 0 replies \ @kr 6 Jun

court documents for those interested: https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.1.0.pdf