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100 sats \ 3 replies \ @pillar 24 Jul 2022 \ on: 🤡 Coinbase does not list securities. End of story. bitcoin
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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110 sats \ 1 reply \ @faithandcredit 24 Jul 2022
If a token is deemed a security what happens to it
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110 sats \ 0 replies \ @pillar 24 Jul 2022
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.
https://www.investopedia.com/news/how-sec-regs-will-change-cryptocurrency-markets/
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0 sats \ 0 replies \ @GengarGod007 25 Jul 2022 freebie
If everything but Bitcoin is deemed a security, this whole industry is fucked Bitcoin included. We’ll go back to $5k with no volume