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The argument seems to be that their listings was not specifically deemed securities before they listed them, so therefor they cannot be held accountable if they are deemed securities after the fact. I guess they have a point? But they probably wont be listing much things going forward, but lets see
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This is it. A government agency specifies this. Nothing to do with coinbase.
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Mr. Howey would be entertained running a few tests
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Isn't there a saying that goes something like "It is difficult to get a man to understand something, when his salary depends upon him not understanding it". I think it's by Upton Sinclair. Coinbase shills are clowns 🤡
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I think there's not enough legal precedent set for shitcoins being securities. Once this is fought in a court and proven that shitcoins are infact securities, we'll see less of clowntown ramblings like these.
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I don't think it's the end of this story ( ͡° ͜ʖ ͡°)
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Coinbase tacitly admits they sell securities when they turn in their employees for insider trading. In the USA, insider trading only applies to stocks and securities.
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This ones surly going to age as well as Telsa will never sell bitcoin, lol like milk left outside in the sun
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But in the absence of a concrete digital asset securities regulatory framework from the SEC, we remain confident that Coinbase’s rigorous review process keeps securities off Coinbase’s platform. We remain eager to share our perspective with the SEC, especially through a formal rule-making process desperately needed.
The level of bullshit corporate attitude in this text is ridiculous. Can't wait to see Gensler pull the trigger and slap the security tag on every cryptocurrency out there except Bitcoin.
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If a token is deemed a security what happens to it
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SEC will enforce all sorts of regulations, both on the people behind the security (think Vitalik and the Ethereum foundation in the case of ETH) and any company that provides trading on that security (basically, every exchange out there that is not Bitcoin only).
These regulations put a lot of constraints on what's possible and what not by the participants, as well as many audit and transparency mechanisms in place. Basically, it turns the wild west of cryptos into a space as regulated as a normal stock market (this is, for those who comply with authority, of course).
Depending on how the SEC approaches, it could mean the death of many shitcoins and a massive slow-down to the shitcoin casinos.
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If everything but Bitcoin is deemed a security, this whole industry is fucked Bitcoin included. We’ll go back to $5k with no volume
It's going to be real interesting to see what happens in the next year or so regarding all of this. Not that I think regulation needs to be enforced in any way regarding whatever shitcoin folks want to get rekt with. When it happens, I think most of these are going to go away, or be exposed as the centralized ponzi's that they are.
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#DELETECOINBASE
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conbase, eh? :clown_face:
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