“But the SEC let us go public” and other flawed arguments in Coinbase's defense

Re:“But the SEC let us go public” and other flawed arguments... by Animats on Tuesday June 13, 2023 @01:27AM (#36305816)

Coinbase has clarity. The SEC is saying "What part of 'no" did you not understand?"

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Re:“But the SEC let us go public” and other flawed arguments... by friend_and_foe on Tuesday June 13, 2023 @01:47AM (#36305988)

But the SEC has never told them no. They've said "we don't know, you'll find out if we ever sue you."

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Re:“But the SEC let us go public” and other flawed arguments... by Animats on Tuesday June 13, 2023 @02:08AM (#36306154)

Did they ever ask? You can ask the SEC for a "no-action letter", where they will officially tell you if what you want to do is OK. Here are all no-action letters.[1]

Here's one for Paxos.[2] They asked for permission to run a small-scale blockchain-based clearing operation without registered as a clearing house. No more than 7 institutional customers, a limited list of stocks, and a time limit. They got it.

Somehow, Coinbase doesn't seem to be on the list there. It's a public record.

[1] https://www.sec.gov/divisions/marketreg/mr-noaction

[2] https://www.sec.gov/divisions/marketreg/mr-noaction/2020/fin...

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Re:“But the SEC let us go public” and other flawed arguments... by jbverschoor on Tuesday June 13, 2023 @02:32AM (#36306330)

The SEC doesn’t make the laws. It’s a dispute between these two entities. Court will have to decide.

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