[latchkey]

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

"When we ask specific questions: How do we get to a path to registration? There's never an answer," Shirzad said.

[ahahahahah]

I asked the DEA how to get a path to register to be able to sell fentanyl to anyone, they didn't have any answer so I just opened up shop.

[latchkey]

Terrible analogy. fentanyl requires a prescription to get access to it. There are well defined processes for this.

Until the SEC defines what sort of requirements there are to purchase crypto (like the FDA has [0]), coinbase isn't doing anything illegal by selling it.

[0] https://www.accessdata.fda.gov/drugsatfda_docs/label/2019/01...

[vkou]

There are well-defined processes for selling unregistered securities.

Either get them registered, or don't sell them.

[latchkey]

No, there isn't.

https://www.coindesk.com/policy/2023/04/19/sec-chair-gensler...

[vkou]

That has nothing to do with what I said, or with why Coinbase is in hot water right now.

Eth might not be a security, and Coinbase would still be trading other unregistered securities.

It's telling that all their press releases don't actually address the problem.

(Also, it's not the exchange's responsibility to register securities, it's the issuer's.)

[latchkey]

Part of the Wells Notice is around the Coinbase Earn stacking service, which is staking ETH. That's what the SEC is going after and which Gensler can't even answer is a security or not.

[fallingknife]

Bad analogy because Coinbase isn't you. Coinbase is a licensed securities dealer. So that would be more like a licensed drug distributor asking the DEA how to get a license to distribute fentanyl to hospitals. And the DEA would happily answer them.