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– 🔍 The Securities and Exchange Commission (SEC) has sued Coinbase, alleging that it violated rules by not registering as an exchange and being overseen by the federal agency.
– 🔍 This is the second lawsuit by the SEC against a major crypto exchange this week, following the enforcement action against Binance and its founder.
– 🔍 The SEC’s lawsuit against Coinbase aims to regulate the entire crypto industry and its biggest players.
– 🔍 Unlike the lawsuit against Binance, the SEC did not name Coinbase CEO Brian Armstrong as a defendant or accuse the company of mishandling customer funds.
– 🔍 Coinbase responded by accusing the SEC of taking an “enforcement-only approach” and called for legislation that provides fair and transparent rules for the industry.
– 🔍 The SEC alleged that Coinbase traded at least 13 crypto assets that should have been registered as securities.
– 🔍 Coinbase’s stock fell 13% and its bonds were affected by the lawsuit.
– 🔍 Coinbase generated more than 80% of its 2022 revenue in the U.S.
– 🔍 Increased scrutiny from regulators could put more than one-third of Coinbase’s revenue at risk.
– 🔍 Coinbase has been trying to expand into international markets despite the regulatory challenges it faces at home.
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30 Comments
Just confuse the american public! (which isnt very hard) then you can control anything you want!
Gary knows better. Yes. Crypto is wild but it also provides functionality that fiat does not. He is protecting the banking system and dollar supremacy at the sack of innovation.
The gov wants everyone to use the digital dollar. They are just late to the party
GM
If the Sec- Gary Gensler works for the people , then come out and talk to all media platforms like Fox news and not just Cnbc wall street buddies.
we have atms and banks charging us $6 on a $20 withdrawal. that's what they want!
FYI – Wallstreet is also a casino Gary Gensler.
Kevin FTX
The real underlying value???
How the government not being able to turn it off.
What about all the banks that profited through CDOs off of the mortgage defaults of 2008 etc.? They got bailed out. They traded against their customers. I'm not saying that's good. It's not. But I don't see Jamie Dimond behind bars.
Why sue them? I can think of only one reason: he wants to destroy crypto. No other explanation… This guy is in favour of the banks and the elites. Watch his smuck face, a evil grin on his face while COIN drops like a rock…
Shit another bad hair day. Starting to worry about Lauren.
The banks have Gary on their payroll.
Jim cramer is so dumb trying to manipulate the public…they should charge him with misleading the public or financial advice
Why SEC allowed Coinbase to be listed then if it illegal⁉️ We need to sue the SEC for that. 😡
All these dudes look like aliens, him, Bezos, Zuck, Elon…I’m starting to believe they are AI 😂
Byenance
How does the SEC let Coinbase be a publicly traded company in the first place?
The very existence of decentralised crypto is a potentialy an existential threat to the dolar and that is also part of it's attraction. It would be surprising indeed if the SEC did not wish crypto to fail. The question is should they be allowed to manipulate the situation such that crypto, by no inherant weakness of it's own, is deliberately destroyed.The answer of course is no.
He actually made me like crypto even more. They want everyone to focus on FedCoin.
And here we go..
Dude the judicial system has been telling him there's no laws being violated here. Congress raked him over the coals for what he's doing. Dude wasn't on top of ftx or Celsius or the rest. He's a joke trying to save face or they're holding it up intentionally to stifle the power of that which they don't control and get they're cronies in there before they flip the script.
SEC just angry that they can't get the money that Binance had way before SeC came down on them. For example someone made money long before 2020 and that's what the SEC is angry at
Bitcoin was not made to hold hands with the banks and SEC.
It was made to DESTROY them.
Crypto is not a "happy feely" hold hands and sing product.
It is a WEAPON to destroy corruption in society.
That's what it is doing, and that's what it will do, even if it takes 100 years.
Fiat is dead, and the decentralized world is the future.
Those countries who wish to cut themselves off from this revenue stream, will suffer.
The USA is a dumpster fire.
Gary in mission to kill innovation in USA!! Shame on SEC!!
Gary is about to be out of a job, he's desperate. Still baffles me you think Binance screwed crypto when that's not even the case. Gary wants to screw us.
Gary is full of S**t🤬
Kevin, I’m surprised you give these liars airtime. The interviewer is the biggest prostitute on wall street and the SEC is anything but honest. For example, they let these politicians inside trade with no repercussions and they have let JP Morgan control the gold and silver market for years with their huge options. Also, so they say anything about the off balance sheet derivatives of these huge banks?
Nice steam in long time!!❤
Love that you're just eating, makes me feel normal lol
Really good analysis Kevin! Thanks for pointing out that Gary Gensler was really arguing 2 different things. Yes we all agree that crypto exchanges should not be operating against their customers. And no it is NOT the SEC's role to determine if crypto should exist or not! That is Congress's job!