[latchkey]

Tom Anderson, of myspace? Wow. Hi!

Let me direct you to this:

https://finance.yahoo.com/news/coinbase-says-just-no-way-to-...

The whole point here is that Coinbase is acting in good faith by trying to do things "the right way"... including becoming a public company and trying to register in whatever compliance ways they can. All the way to announcing that they will go to court over all of this. All because their existing efforts haven't worked.

Update: the discussion is happening right now around how coinbase is a public company that is being declared that it is doing illegal things. If so, then why is it still trading?

https://www.youtube.com/live/DSsp8Rvh5n0?feature=share

-4:15

[Volundr]

> If so, then why is it still trading?

Because breaking the law does not cause your stock to be delisted?

I'm not informed enough of the SEC complaint to have much of an opinion on how valid the SEC's or Coinbase's respective cases are, but "I can still by stock" is no evidence that Coinbase isn't breaking the law or violating regulations. Companies do illegal things all the time, delisting the stock and shuttering the company is a resolution of last resort, not first resort.

[twic]

> Tom Anderson, of myspace? Wow. Hi!

No, i'm the one from Beavis and Butt-Head.

[ahahahahah]

If what you are doing requires registering with the SEC for it to be legal, and there's no way to register what you are doing with the SEC, then that means that it is illegal to do what you are doing (like how could you think that possibly means you are free to go do that thing?).

[latchkey]

If there is no way to register with the SEC to run a securities brokerage, exchange, and clearing house, then what's the point of the SEC again?

[vkou]

There's no way to register these securities with the SEC, because their creators aren't interested in being in compliance with securities laws. It would require more transparency and accountability than they would like.

As a result, the SEC does not allow anyone to run an exchange that trades those illegal securities.

Being a registered security isn't hard, all sorts of stupid and speculative instruments get registered. If your shitcoin isn't able to get registered, the fault is with it, not the SEC. If your exchange isn't allowed to trade that shitcoin, the fault is with the coin, not the SEC. It's not the SEC's job to provide guidance on how to run an exchange that trades in unregistered securities. The only guidance it should provide in answer to that query is 'You can't.'

[latchkey]

> Being a registered security isn't hard, all sorts of stupid and speculative instruments get registered. If your shitcoin isn't able to get registered, the fault is with it, not the SEC.

You're contradicting yourself there. If it isn't hard, it should be easy for a shitcoin to get registered then.

[detaro]

Not necessarily a contradiction, no. It can be very easy to do something, and lots people failing to do so because they refuse to follow the simple rules around it. (how much that is the case with shitcoins I don't know, but it's at least believable that many of them didnt make a serious attempt because it'd get in the way of making lots of money by exaggerated marketing)

[latchkey]

Now you're just generalizing with platitudes and snarky comments about exaggerated marketing. This isn't just about shitcoins and you know it.

Gensler, just yesterday, couldn't even answer a simple question about ETH being a security and that's the second largest marketcap crypto out there.

Pretending that crypto is only made up of shitcoins doesn't mean that it is going to magically go away. It is here to stay. The cat is out of the bag.

The SEC can only bury its head for so long and that's clearly coming to light now. You've got Warren with her stupid 'war on crypto' and Gensler as her puppet talking head.

Things need to change and Coinbase is going to have to sue them to get that change. That speaks more to the lack of clarity in the SEC, than to anything Coinbase is or isn't doing well.

[vkou]

If a shitcoin can't meet the low, low bar for registration, that's an indictment of the shitcoin, not of my argument. Don't walk, run away from it.

[latchkey]

What about ETH then?

https://twitter.com/twobitidiot/status/1648732457448120321

[linuxftw]

No, coinbase is trying to trade unregulated securities and asking the SEC to give them the OK before hand so they don't end up in court. Predictably, the SEC's not going to do that.

[latchkey]

> No, coinbase is trying to trade unregulated securities

And why are those securities (if they are actually securities, which Gensler and the SEC can't even agree on), available to purchase and not regulated? Someone else in this thread just compared this to buying fentanyl. It isn't like there is the FDA giving out spec sheets on drugs.