SEC asked Coinbase to halt trading in everything except bitcoin, CEO says

https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d

by jlevett • 3 years ago

216 192 3 years ago

awb• 3 years ago

Public article:

https://www.coindesk.com/policy/2023/07/31/sec-asked-coinbas...

“They came back to us, and they said . . . we believe every asset other than bitcoin is a security,” Armstrong said according to the FT. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”
Armstrong said the SEC recommendation left us no choice but to head to court.
The SEC told the FT its enforcement division did not make formal requests for “companies to delist crypto assets.”

yieldcrv4• 3 years ago

“In the course of an investigation, the staff may share its own view as to what conduct may raise questions for the commission under the securities laws,” it added

EGreg• 3 years ago

Didn’t nearly all main SEC personnel publicly say that Ethereum is not a security?

Hinman and SEC pushing him to say it: https://blockworks.co/news/sec-hinman-eth-not-security

SEC chair Gary Gensler: https://decrypt.co/138334/gary-gensler-sec-ethereum-not-secu...

SEC prev chair Jay Clayton: https://finance.yahoo.com/amphtml/news/us-sec-chairman-jay-c...

Hester Pierce “crypto mom” ironically has never explicitly stated a position on Ethereum

What are they going to do now, backtrack on their own public statements?

saurik• 3 years ago

They might believe their prior statements on the matter no longer apply since the transition to proof-of-stake? (I am not saying this is a good argument, but it is one I think I have seen people come up with.)

McAtNite2• 3 years ago

I’ve have the unpleasant task of interacting with auditors from the SEC regularly in a heavily regulated industry. Trying to get any sort of real, factual guidelines from them is a fool’s errand.

Their auditors views and interpretations vary wildly year to year, and they will not provide any written guidelines for their positions. Instead they insist it’s up to the discretion of the individual auditor. I’ve seen fairly reserved people in screaming matches by the end of it all, and concessions will eventually be made which seems strange for a regulatory body to do.

All that is that say, they won’t backtrack on anything. They’ll simply say that those were the views of those people as individuals, and they are not reflective of the official stance of the regulatory body.

misnome• 3 years ago

Ah, once again, the "No Backsies of informal statements" law.

Note that all of these are a long time ago, and even if their offhand opinions were legally binding the "strongest" of these articles

had stated in a speech that ETH “in its present state” — as opposed to during its distribution via initial coin offering (ICO) — won’t be regulated as a security.
Chairman Clayton noted that he agrees that a digital asset’s definition as a security is “not static” and thus can change over time.

Things have obviously changed. Also, the way Ethereum works has changed.

JumpCrisscross5• 3 years ago

Didn’t nearly all main SEC personnel publicly say that Ethereum is not a security?

No. Your first article cites Gensler's statements from 2018; he took the helm at the SEC in 2021 [1]. The second somehow draws conclusions from a letter Clayton wrote "without ever mentioning ETH directly" [2].

What are they going to do now, backtrack on their own public statements

Moot point. When the SEC sued Coinbase, it didn't mention Ethereum. This entire line of argument is a red herring.

[1] https://en.wikipedia.org/wiki/Gary_Gensler

[2] https://finance.yahoo.com/news/us-sec-chairman-jay-clayton-1...

whaleofatw2022• 3 years ago

I will note on top of what other commenters have said to this, that most (all?) Of those statements were made before Ethereum went to Proof Of Stake, which has implications for centralization and control.

DANmode5• 3 years ago

The word "formal" is doing a lot of lifting, here.

JumpCrisscross5• 3 years ago

word "formal" is doing a lot of lifting, here

As is the headline's "CEO says." This article is based on the anecdotes of a person being sued by the SEC.

rich_sasha• 3 years ago

In fairness it sounds like, at least from the FT article, that they are saying "stop or we're suing".

Which at least is a reasonable thing for a regulator to say.

I'm not precluding who is right and wrong here, just that the form of the request is not crazy.

reaperman• 3 years ago

In general, "stop or we're suing" is a reasonable thing for a regulator to say. But in this particular case "every cryptocurrency is a security, except Bitcoin" makes zero sense. Why wouldn't Bitcoin be a security?

It would make infinitely more sense if they said "Going forward, our interpretation will be that all cryptocurrencies are securities, and you'll need to become a real brokerage/exchange. Do this or we're suing." That would provide space for reasonable people to disagree, work it out in the courts, lobby Congress to legislate around the topic, etc.

But this version is non-sensical -- I simply can't imagine any reasonable persons would ever come to a meeting of the minds that Ethereum is a security but Bitcoin is not a security.

j_crick• 3 years ago

No paywall version:

https://archive.li/2023.07.31-040202/https://www.ft.com/cont...

Dylan168073• 3 years ago

So they asked this before suing, and since that includes Ethereum it was probably them reaching as far as they possibly could rather than being on firm grounds.

TedDoesntTalk3• 3 years ago

“Ether, the second-largest cryptocurrency, which is fundamental to many industry projects, was absent from the regulator’s case against the exchange. It also did not feature in the list of 12 “crypto asset securities” specified in the SEC’s lawsuit against Binance.”

latchkey3• 3 years ago

2018:

https://fortune.com/videos/watch/in-2018%2C-gary-gensler-sai...

The other thing you need to look at is exactly what Paypal offers:

Bitcoin, ETH, Litecoin, Bitcoin Cash.

https://www.paypal.com/us/digital-wallet/manage-money/crypto

Dylan168073• 3 years ago

Yes, their lawsuit had a vastly reduced list. The lawsuit is erring in the opposite direction, or at least trying to.

latchkey3• 3 years ago

Matt Levine covers this...

https://www.bloomberg.com/opinion/articles/2023-06-07/when-i...

"Some of them did securities offerings, but by the time the SEC noticed they were too entrenched and decentralized and it would have been a pain for the SEC to go after them. Ethereum, most notably, very very clearly did an ICO in 2014, raising about $18.3 million by selling ETH tokens. If they did that today, or in late 2017, the SEC would have some serious questions. But by the time the SEC got around to cracking down on ICOs in 2017, Ethereum was big and decentralized and the SEC would have had a hard time, practically and legally, challenging its 2014 ICO. And so everyone sort of grudgingly concedes that ETH is not a security."

mtgentry• 3 years ago

Hate to take the SEC’s side, but once Coinbase started trading DOGE, they lost the moral high ground.

Vervious3• 3 years ago

Well, in a libertarian world, the moral high ground is that we should be able to trade anything -- who is the SEC to tell us what we can't trade? It's almost like freedom of speech.

Plus, I don't think consumers should be protected from dogecoin --- no layman in their right mind invests in doge with the expectation of profit (from common enterprise). Bitcoin is more of a security than doge will ever be.

CPLX4• 3 years ago

For the most part the SEC doesn’t tell you what you can and can’t trade.

It does however have laws around registration of the security, who can and can’t purchase it under a given registration, disclosure rules, conflict of interest rules, and so on.

pavlov7• 3 years ago

“no layman in their right mind invests in doge with the expectation of profit (from common enterprise)”

Influencers pumping the coin on Twitter is a common enterprise. You don’t think people bought DOGE because they hoped those influencers would continue what they were doing?

iraqmtpizza• 3 years ago

It's immoral to trade in joke currencies? Lol you could have picked any obvious swindle promising to revolutionize finance and announcing fake partnerships with Microsoft or Walmart. At least pick an unregistered security or something.

redox992• 3 years ago

Why? There is no way DOGE passes the Howey test. It might be the least "security" crypto of them all.

EgregiousCube2• 3 years ago

I think you're probably making a joke about how DOGE is funny, and it is, but if you're not, I'm curious what your reasoning is.

gmerc2• 3 years ago

Why don’t you quote the creator of DOGE on the topic.

justinzollars• 3 years ago

I also rely on congenital, pathological, enthusiastic liars aka politicians to decide what is moral to trade! Thankfully they have our back and have our best interest in mind.

Mengkudulangsat• 3 years ago

Fantastic, force every centralized exchange to stick to being on-ramps.

This will a) Force people to learn self-custody & b) Force people to learn how to use decentralized exchanges.

audunw2• 3 years ago

Or c) make most people avoid cryptocurrencies all together

siwatanejo12• 3 years ago

Bitcoin is not crypto.

lpapez• 3 years ago

This is good for crypto.

lexandstuff• 3 years ago

Few understand.

LanternLight83• 3 years ago

I find I have a smoother experience moving funds through Tradeogre (once onboarded).

ckardat1232• 3 years ago

The CEO of Coinbase has sold more stock in his own company than usual the last couple of months: https://www.quiverquant.com/insiders/COIN

yieldcrv4• 3 years ago

Did you also notice that the price is 300% higher over the last couple of months?

ckardat1232• 3 years ago

I was speaking of sales in terms of share count, not dollar value.

latchkey3• 3 years ago

That mortgage isn't going to pay itself...

https://www.wsj.com/amp/articles/crypto-ceo-brian-armstrong-...

kklisura• 3 years ago

Here's an excerpt from one of the latest reports from SEC [1] about CEO selling stock:

The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 26, 2022, during an open trading window.

[1] https://www.sec.gov/Archives/edgar/data/1679788/000120919123...

cma• 3 years ago

Up until very recently, CEOs could always plan to sell then cancel or not based on insider information.

zoky3• 3 years ago

Doesn't mean much. With as much SEC scrutiny as the company is currently undergoing, he'd be a fool to run afoul of insider trading laws, which strongly implies that he's not in possession of any material non-public information. Besides, there are lots of reasons to sell, but only one reason to buy. Based on that chart, I'm far more interested in what Fred Ehrsam is thinking…

itsoktocry2• 3 years ago

You don't think the CEO of the company has material non-public information???

dataflow2• 3 years ago

How in the world can BCH (Bitcoin Cash) be a security if BTC (Bitcoin) isn't?

Vecr• 3 years ago

It's newer, less well recognized in general, and as far as a government Bitcoin node is concerned it does not exist. Bitcoin's case on not being a security is possibly based on the low likelihood of future incompatible changes and its track record and age.

EgregiousCube2• 3 years ago

It's exactly the same age as Bitcoin. What's a government Bitcoin node?

redox992• 3 years ago

I think Gensler is a BTC maximalist and there isn't too much else to it.

simple-thoughts3• 3 years ago

Watching his mit lectures is edifying. He loves Bitcoin and thinks all ICO are scams. Of course most ICO are scams but not all…

siwatanejo12• 3 years ago

One is decentralized, the other one isn't.

mufti_menk3• 3 years ago

Why don't they just say that and outline their criteria for decentralization

lawn2• 3 years ago

This is just patently false and betrays a complete ignorance of how the cryptocurrencies work.

tibanne2• 3 years ago

That's right. BTC is centralized at the repo level. Everyone runs the core repo and that's fully controlled by a few individuals. Miners are too scared to run anything else.

dataflow2• 3 years ago

How does being centralized make something a security? Or decentralized a non-security? I feel like I must be missing something obvious but to me it sounds like saying "it's colored blue, so it's a security."

thepasswordis• 3 years ago

Because bcash is basically one guys product/scam. There is a head of bcash who is in charge of the project.

max_4• 3 years ago

Why is it so difficult to just recognise crypto currencies as it's own new asset class?

Barrin922• 3 years ago

because there's no need to do that. Most cryptocurrencies meet the Howey test which is used to judge if something is a security. It needs to require investment, be a common enterprise, and the expectation of profits.

Most cryptocurrencies are just token offering schemes that meet those criteria, a few like Bitcoin can make the case they're not securities. the crypto 'industry' wants a new asset class to avoid scrutiny, don't see much reason to give them one.

tornato7• 3 years ago

Sure, regulate them as securities, but the problem is the SEC has made it nearly impossible to actually register a cryptocurrency as a security.

https://policy.paradigm.xyz/writing/secs-path-to-registratio...

max_4• 3 years ago

What about the investment of record labels in Music contracts with musicians?

If we are to look at the postulates of the Howey test it would probably pass them. I don't see them Trying to force record labels to register with the SEC.

max_4• 3 years ago

because there's no need to do that

There is actually alot of need. The propositions that Crypto caters for would become worthless if we applied securities laws to them.

audunw2• 3 years ago

Is that supposed to be sarcastic?

If you open that can of worms I think the question will very quickly be whether such an asset class should just be outright banned.

To me it’s still an open question if cryptocurrencies are inherently a (distributed) scam. At least the ones based on proof-of-work.

Both cash and securities are regulated in a way that ties them to the creation or storage of (real-world) value. Proof-of-work cryptocurrencies ties both the creation and trade of the asset with destruction of value (energy). Which inherently makes them toxic. Regulating cryptocurrencies to become non-toxic might make them de-facto illegal.

rafaelero• 3 years ago

Both cash and securities are regulated in a way that ties them to the creation or storage of (real-world) value.

Did we go back to the gold standard during the writing of this comment? Last time I checked there wasn't any backing of fabricating new dollars except for the sheer trust in the US government.

peyton4• 3 years ago

Trade creates value. A toxic asset is an asset with a frozen market. Ironically, banning crypto would make the asset class toxic.

martin84122• 3 years ago

Because it's not a different asset class..

can16358p• 3 years ago

Would tax-sucking regulators and governments who want power to dominate the public want something decentralized and free?

oblio2• 3 years ago

decentralized and free

There is no such thing as a free lunch/currency/...

Human society is hierarchical because otherwise we have chaos. Or worse, completely self-appointed, unaccountable hierarchies.

Human society abhors vacuum.

Temporary_31337• 3 years ago

Because they are not. There’s no inherent value so classing them as securities makes a lot of sense- just like derivatives and other financial instruments

pavlov7• 3 years ago

Why should they, if they’re just reproducing essential properties of existing asset classes?

“Doing X on a slow distributed database” is not a get-out-of-jail ticket if X happens to be already illegal or heavily regulated.

davidgerard• 3 years ago

Because it's all been reimplementations of extremely well known and understood financial instruments which are regulated for excellent historical reasons.

The only technical innovation of cryptocurrencies is that you can now create a new unregistered penny stock at the press of a button and spam the regulators with violations. There's ~7000 equity stocks (you know, just stocks) in the US and there's somewhere >1,000,000 defi tokens.

This did not in fact achieve regulatory escape velocity.

JumpCrisscross5• 3 years ago

Why is it so difficult to just recognise crypto currencies as its own new asset class?

Crypto is a dead ringer for 1920s securities fraud. Whether it's a new asset class is irrelevant. It's plagued with the same problems as unregulated securities shilling, which means they will share a common solution.

max_4• 3 years ago

The SEC said its enforcement division did not make formal requests for “companies to delist crypto assets”.

So Coinbase didn't comply, as they had no legal obligation.

pavlov7• 3 years ago

And now they’ve been sued by the SEC. Sounds like the process is working as intended. If you don’t want to heed the SEC’s informal advice, the question can be eventually sorted out by the court.

mattdesl2• 3 years ago

The SEC suit is for Coinbase’s staking-as-a-service, not all their trading activity.

EDIT: I was mistaken! Apparently they are being sued for the combined brokers, exchange, and clearing agency activities; in addition to their staking-as-a-service activities.

https://www.sec.gov/files/litigation/complaints/2023/comp-pr...

1vuio0pswjnm72• 3 years ago

Looks like 12ft.io has stopped working.

siwatanejo12• 3 years ago

Try archive.is: https://archive.is/https://www.ft.com/content/1f873dd5-df8f-...

1vuio0pswjnm72• 3 years ago

It's working again.

gmerc2• 3 years ago

Crypto Bros on Linkedin: Bitcoin is surging, don’t miss the boat.

It’s been like that for months the now - dodgy crypto is positively getting murdered, finally, by regulators and as a result the die hards who don’t want to leave it behind are moving to the reserve currency of the economy, BTC.

neonate• 3 years ago

https://archive.ph/8i8bi

Animats4• 3 years ago

That article is full of quotes from Coinbase management. For comparison, here's the SEC statement.[1]

Another way to look at this is that the SEC offered Coinbase the opportunity to stop doing something illegal and walk away before the SEC brought the hammer down. That was a pretty good offer. These are criminal offenses.

Coinbase didn't. So, hammer time: Washington D.C., June 6, 2023 — The Securities and Exchange Commission today charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program."

Much of the US crypto industry had two great hopes for getting away with it. First, that they could get Congress to legalize what they were doing. Second, that they could get the Commodity Futures Trading Commission, instead of the Securities and Exchage Commission, to regulate crypto. The first possibility disappeared politically after the FTX scams were exposed, FTX went bankrupt, and politicians who accepted their campaign donations were in political trouble. The second disappeared when the SEC and the CFTC, with help from the Justice Department and the FBI, all landed on Binance, and started asking hard questions about where the customer's money was.

These companies are in deep trouble for a very simple and classic form of financial crime - treating the customer's money as their own. This is not about "tech". This is not about "crypto". This is not about "financial innovation". This is about plain old theft.

[1] https://www.sec.gov/news/press-release/2023-102

TedDoesntTalk3• 3 years ago

treating the customer's money as their own

There is zero evidence that Coinbase does that. Notably, they are publicly traded with audited financial statements every quarter, unlike FTX, Binance, and friends.

bob-09• 3 years ago

We'll see if any evidence turns up in court. I think it's a good thing that Coinbase has audited statements to review and that the SEC is scrutinizing them.

If Coinbase is cooperative and absolved thanks to their diligence, they'll be further cemented as the standard for others in the industry to follow as regulators play catch up.

Apofis• 3 years ago

It’s just wild to me that these billion dollar businesses are operating like they still exist on the dark web. Is it really not enough for these folks to be exorbitantly wealthy they also need to criminally defraud their customers? I suppose some habits die hard.

hsjqllzlfkf3• 3 years ago

I hate crypto bros and crypto land, it's a cesspool of scammers with almost zero value to it.

That said, isn't it a bit concerning that we have an agency that both writes AND enforces the laws? Why is this aspect unlike everywhere else in society?

sokoloff• 3 years ago

The FAA does this as well (and it works reasonably well).

I’m less familiar with the details, but it seems like the FTC, FDA, EPA, and OSHA all have significant rule-making and rule-enforcing power as well.

Sparkyte2• 3 years ago

SEC only writes regulations not laws. They can't uphold penalty unless they can enforce regulations with laws. So when they write a regulation it has a law backed by the government supporting the regulation. It can be overturned at anytime if found that it imposes on laws or constitutions.

nathias2• 3 years ago

what if the SEC was the real criminals all along?

pavlov7• 3 years ago

Sure, any moment now we’ll find out that FTX and Terraform Labs and all the other jailed and fugitive crypto founders were just victims of the SEC’s machinations.

nathias2• 3 years ago

'What is the robbing of a bank compared to the founding of a bank?'

DANmode5• 3 years ago

You think Coinbase is on par with FTX?!

lysecret• 3 years ago

People worry about the classification into security or not, precisely because securities, if unregulated are a perfect vehicle for scams! Let me rephrase the howey test for you:

“Hey just buy this thing from me, and trust me that I will do something great with your money and eventually return it to you, I promise!”

Well, surprisingly there is a looong history of people exploiting a system like this to scam people. We learned, we have to regulate that kind of thing.

oblio2• 3 years ago

You don't get it. Regulation is always bad and dumb people falling for scams... that's just their problem :-)

GoblinSlayer5• 3 years ago

Then everything is a security, because you can exchange anything for money while saying words.

Terretta• 3 years ago

Saying certain words, yes. The “Howey Test” referenced by GP is based on a ruling from SEC v. W.J. Howey Co., which reached the Supreme Court in 1946:

An investment contract exists if there is an "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others."

https://www.investopedia.com/terms/h/howey-test.asp

If the words sound like that, careful.

TekMol• 3 years ago

No. "trust me that I will do something great with your money and eventually return it to you, I promise" is not part of the deal when you buy a token.

1: Some of the deals are "Someone built this thing which is now out of their control. But this thing can be used with these tokes. Want some?".

2: Some of the deals are "I built this thing which is now out of my control. But this thing can be used with these tokes. Want some?".

3: Some of the deals are "I built this thing which is now kinda out of my control. I might be able to change it later, but only if the community stays behind me. Anyhow, this thing can be used with these tokes. Want some?".

The SEC argues that many tokens fall into category 3 and that 3 is close enough to a security that the SEC should have a say in this.

itsoktocry2• 3 years ago

These deal descriptions may be the ideal origin, but this is not how 90% of coins are dealt with today. Hard not to assume deliberate deceit from those claiming otherwise.

GoblinSlayer5• 3 years ago

Some nocoiners equate cryptocurrency to tulips, but tulips aren't securities? On the other hand if you want a tulip, you will buy it on amazon, you won't grow it yourself.

nova22033• 3 years ago

“Hey just buy this thing from me, and trust me that I will do something great with your money and eventually return it to you, I promise!”

Sounds like SBF talking about "the box" on the Odd Lots podcast..

sairamkunala• 3 years ago

Wait! Why not bitcoin?

Sparkyte2• 3 years ago

Saw this like 10 years ago. Crypto is a scam or well a vehicle for scams. SEC should have been on this sooner.

koolba• 3 years ago

The SEC said its enforcement division did not make formal requests for “companies to delist crypto assets”.
“In the course of an investigation, the staff may share its own view as to what conduct may raise questions for the commission under the securities laws,” it added.

That’s insane.

The lesson here is that if you get any communication from the SEC, document it and reply back asking if that’s an official communication of the SEC or just the meaningless “view” of a staff member.

mihaic2• 3 years ago

By actual activity, it seems to me like anything besides maybe ETH is actually a security. I can't find a reason to single out BTC here, other than it being the oldest and by far more well known.

DANmode5• 3 years ago

ICO via email

mihaic2• 3 years ago

Could you elaborate with a verb? I'm not sure what you mean.

wslh2• 3 years ago

As an insider in Web3, the reality of blockchain platforms/foundations is that, majorly, they benefit a very specific group of investors, incumbents, and the governance is super centralized. Basic cronysm hidden beyond the decentralization placeholder, building super-advanced technologies that almost always has some more milestone to be delivered or adopted. Hundreds of similar ZK*, VMs, etc.

I don'like to like the SEC and I think a confrontation between the SEC, Coinbase, and other incumbents is positive. On the other hand I know that majorly the decentralization blah blah blah is just a distraction trick, that fraudsters execute faster than entrepreneurs in this space.

Finally, the real winner for transactions right now is Tether, the top used centralized stable coin in the ecosystem which volume greatly surpasses the top cryptocurrencies like Bitcoin and Ethereum. This is a fact.

mrd3v0• 3 years ago

I'm sorry but this largely reads like an advertisement. "As an expert I recommend this product!" with no backing of facts or actual informative explanation. Which is worrying considering the nature of cryptographic currencies that is being full of shady scams.

wslh2• 3 years ago

Where is the advertisement? What am I advertising?

yieldcrv4• 3 years ago

you think that was an advertisement for Tether simply because it was mentioned? that wasn’t a recommendation it was an observation which is easily corroborated

responses to crypto asset posts are such a weird blindspot in this tech centric community for over a decade now, when does the conversation evolve? why don't we talk about Solidity versions here, or design patterns, or node software here.

such an obvious forum for it but instead we get these non-sequitur responses

pavlov7• 3 years ago

"Finally, the real winner for transactions right now is Tether, the top used centralized stable coin in the ecosystem which volume greatly surpasses the top cryptocurrencies like Bitcoin and Ethereum. This is a fact."

It's almost as if the "web3" product which people actually want is to move dollars illicitly and sometimes to spend them gambling on a 24/7 casino.

LeeroyWasHere• 3 years ago

Everyone that uses cash are shaddy and only use it for illicit activities.

yieldcrv4• 3 years ago

The pressure from the SEC and other regulators has definitely improved the space

We would all still be doing 2013-style cryptosecurities without them and most of the more refined infrastructure wouldnt have been developed

But this is a very shitty evolution of antifragility

It is still routing around those regulators, and the SEC will never achieve investor protection and the legislature should direct the agencies more holistically

simple-thoughts3• 3 years ago

Here’s my issue with coinbase.

If I send my crypto to coinbase, I no longer own my crypto. Coinbase now owns it and can do whatever they like with it. But they market themselves as providing crypto services and as selling crypto when in fact they are just selling numbers in their internal database.

So users of Coinbase are clearly being defrauded. They think they own crypto but they don’t.

dgrin91• 3 years ago

Wait till you hear about the DTCC

simple-thoughts3• 3 years ago

Difference is securities are heavily regulated, it’s a weird system but works. With crypto self custody is not only possible but preferred

kinakomochidayo2• 3 years ago

This is all moot now of course, after the XRP ruling, that secondary sales of assets don’t make them securities.

The underlying assets are also not securities.

SEC asked Coinbase to halt trading in everything except bitcoin, CEO says

Related Stories