Coinbase secures Bermuda licence

Are there other financial markets where a single entity is custodian, trading exchange, market maker, and Kyc/Aml all under on roof? It seems like a fundamental conflict of interest.

&quot;U.S. SEC Chair Gary Gensler told lawmakers on Tuesday that he had &quot;never seen a field that&#x27;s so non-complying with laws&quot;.<p>Crypto firms say they need clarity about regulations, but Gensler has said that crypto markets &quot;suffer from a lack of regulatory compliance, not a lack of regulatory clarity&quot;.&quot;<p>Maybe calling it a &quot;field&quot; is being too generous. Crime is crime.

Something something BVI, Panama, Belize...<p>True disruption to the existing system

I would be interested why hackernews is so strong against cryptocurrencies. I am not sure but I assume most readers are from the US where the benefits are limited. Personally, for some time already I&#x27;m supporting a friend in Colombia financially and last year I switched to sending him Bitcoin. It&#x27;s so much easier, cheaper and faster for both of us.

HN hates crypto so they won&#x27;t recognize it, but there is a massive brain drain and innovation drain leaving the USA right now. Cryptocurrencies are the future of money, whether you want to believe it or not. For the first time, humans can have money free from the whims of a government and the whirr of their money printer. That&#x27;s a revolutionary idea. This won&#x27;t be stopped by any government, you can only put your country at a disadvantage by ignoring it or trying to impede it.

So game over on Monday?

They’ve been given plenty of clarity: crypto is very clearly a security and they’ve repeatedly been told it is such. What they want is for new “clarity” in which they are magically no longer subject to the same financial regulations that every other security is.

A Bermuda offshore crypto exchange. What could possibly go wrong?

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