News for hackers. Stuff that matters.

A comment on Coinbase Sued by SEC for Breaking US Securities Rules. Parent comment

Re:Coinbase Sued by SEC for Breaking US Securities Rules by AzzieElbab on Tuesday June 06, 2023 @09:26AM (#36212344)
No argument about that, but Coinbase has been begging for a clear set of rules to follow for ages. Now SEC is suing Coinbase for not registering with SEC as a broker/exchange, but the SEC itself wouldn't let them register because they(the SEC) couldn't decide if crypto is a currency or security. The whole thing is a political fallout of the FTX crisis.
[ Parent | on HN ]
Re:Coinbase Sued by SEC for Breaking US Securities Rules by rwmj on Tuesday June 06, 2023 @09:33AM (#36212470)
They have set clear rules, just not ones that Coinbase likes.
[ Parent | on HN ]
Re:Coinbase Sued by SEC for Breaking US Securities Rules by AzzieElbab on Tuesday June 06, 2023 @09:37AM (#36212527)
Can you explain what those rules are wrt crypto?
[ Parent | on HN ]
Re:Coinbase Sued by SEC for Breaking US Securities Rules by ImPostingOnHN on Tuesday June 06, 2023 @09:54AM (#36212811)
in order to learn more about them, the term to look for is "securities law"

I assume you aren't asking that person to "explain" all of securities law in a HN comment

[ Parent | on HN ]
Re:Coinbase Sued by SEC for Breaking US Securities Rules by AzzieElbab on Tuesday June 06, 2023 @11:44AM (#36214605)
But SEC refused to categorize crypto as securities
[ Parent | on HN ]
Re:Coinbase Sued by SEC for Breaking US Securities Rules by ImPostingOnHN on Tuesday June 06, 2023 @10:24PM (#36222081)
I'm sorry, I'm not familiar with the history, did they explicitly say that crypto were not securities?

explicitly saying they are is not necessary for them to be.

[ Parent | on HN ]
Re:Coinbase Sued by SEC for Breaking US Securities Rules by FireBeyond on Tuesday June 06, 2023 @11:36AM (#36214459)
No, they haven't, they've put out Press Releases to that effect.

But when it actually comes time for court filings, which are what really matter, they instead acknowledge that they know exactly what the rules are, but that they "disagree". And why do they disagree? "because for numerous tokens, regulation would require undue effort or not be financially viable [for Coinbase]".

"Your rules are not profitable for us", essentially.

[ Parent | on HN ]