This is such a farce of an article.<p>"Coinbase has taken an increasingly defiant stance, publicly criticizing the SEC and urging regulators to write new rules for crypto rather than enforce existing ones."<p>No, they're asking the SEC to provide evidence and the SEC has been ignoring them and trying to have everything be a security.<p>"The firm has accused the SEC of stifling innovation and has spent millions of dollars lobbying Congress in hopes of bypassing regulators through new legislation."<p>Again no, they're not trying to bypass regulators whatsoever. Coinbase has posted again and again and again that they want to be properly regulated including by the SEC, but the SEC refuses to work with them.<p>It's extremely frustrating because people who know what's actually been going on can clearly see the bs, but most people who read this article (including a ton of the anti crypto crowd on HN) will just latch onto this as if it is truth.
If the SEC decides that crypto currencies are securities, would that mean that no US citizen could ever buy Crypto again?<p>As I understand it, only registered securities can be traded in the USA. But how would a cryptocurrency be registered? Would Vitalik Buterin shoulder his rainbowunicorn bag, go to the SEC and say "Uhm, in 2015, I had this idea of a new protocol that kinda forms a distributed computer. And it has this thing called eth that is the gas for this, uhm, computer. And somehow people now People value this gas at $200B. Can I haz make it a security?".
As they freaking should. I can't get their export of tax data to line up for the cost basis vs the gains there were random nulls in it and I don't know how to fix it. All the crypto I had was bought on Coinbase, and it doesn't know the cost basis.
I really enjoyed Gary Gensler lectures on blockchain, crypto currency and money in general and I still recommend them to anyone who wants to learn the fundamentals.<p><a href="https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall-2018/resources/session-1-introduction/" rel="nofollow">https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall...</a><p>When I heard he was going to lead SEC I was very optimistic about the future of crypto and its regulation as Gensler seemed to have a very favorable view of (at least) Bitcoin.<p>How naive...
Here is the status of SEC's unfinished case with XRP crypto company: <a href="https://www.cnbc.com/2023/03/22/xrp-cryptocurrency-jumps-as-investors-hope-ripple-will-win-sec-case.html" rel="nofollow">https://www.cnbc.com/2023/03/22/xrp-cryptocurrency-jumps-as-...</a>
I got coinbase phishing spam emails recently, I wonder if it's related somehow to them apparently being investigated.<p>Also can't read the article, have to set up a free account. Their password field doesn't let Chrome suggest a strong password, it doesn't even let me create with with a $ sign.
I wonder if this explains why crypto Twitter has been pushing unhinged doom scenarios and conspiracy theories and telling everyone to put everything into Bitcoin.<p>Could be a mix of actual freakout and trying to pump crypto so insiders can exit… kind of part true believer reaction and part grift.<p>It kind of reminds me of how a cult reacts when the authorities start coming around. It’s the end times! Double down! Brew up the kool aid!
legitimately speaking there is no there there or anywhere with crypto but do you know what is everywhere with crypto?<p>scams.<p>here, there, everywhere, non stop ads trying to get you involved into the next crypto grift.<p>I am so elated it is all completely coming to an end.