Coinbase Has a Conflict Brewing with the SEC. What to Know

Barrons2022-07-25

Coinbase Global is clashing with the Securities and Exchange Commission over a question that could prove pivotal to the broader crypto industry: Are some tokens really securities?The SEC on Thursday ...

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Comments

Aenon
2022-07-25
Aenon
Hope SEC don't waste time like these. Go after bogus projects like unikoin gold. misled the public w Ashton Kutcher as the investor and yet tank the whole project with over $20m raise and paid only $9' in fines and so far no money has came back to many investors yet.
KSHoSG
2022-07-25
KSHoSG
[Thinking]
快乐快了
2022-07-25
快乐快了
👌
Kenang
2022-07-25
Kenang
Pls like
- Kenang:
  Ok

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The case hinges on a subtle but critical argument: Some cryptocurrencies listed on Coinbase are actually securities, according to the SEC. Coinbase does not agree.“Coinbase does not list securities. End of story,” Paul Grewal, the company’s chief legal officer,said in a statement.The question of whether tokens should be classified as currencies, commodities, or securities has loomed large over the industry. According to the SEC, some tokens most likely meet the definition of a security. Ripple—a payments network token—is a security, according to the SEC, though Ripple Labs and the regulator are locked in a legal battle over this distinction.Bitcoin, on the other hand, is a commodity, SEC chair Gary Gensler has said. 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CFTC Commissioner Caroline Pham said via Twitter that the SEC’s move was an example of “regulation by enforcement.” The SEC’s allegations “could have broad implications beyond this single case,” she added in a statement, calling on regulators to work more closely.Coinbase, meanwhile, is trying to ramp up pressure on the SEC to establish rules for crypto. The company filed a petition on Thursday, requesting that the SEC “begin rulemaking on digital asset securities.”The SEC did not respond to a request for comment.Regardless of how tokens are ultimately classified, the industry is likely to face far more regulatory scrutiny and enforcement activity. The Department of Justice is getting more involved in pursuing crypto crime; the DOJ filed criminal charges in the Coinbase case, and it’s filed charges against a former employee of the NFT platform Opensea, also alleging insider trading.The SEC aims to beef up its crypto enforcement, analysts at J.P. Morgan led by Steven Alexopoulos said in a report on Friday.The SEC added 20 positions to its crypto asset and cyber unit in May, the analysts noted, bringing its total headcount to 20—with the regulator asking for additional resources to step up crypto regulation.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9900471503,"gmtCreate":1658759277202,"gmtModify":1676536202959,"author":{"id":"4096954397979090","authorId":"4096954397979090","name":"Aenon","avatar":"https://static.tigerbbs.com/5f68c79feb70bd0e2aba2d7aec25d3e0","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":6,"crmLevelSwitch":0,"idStr":"4096954397979090","authorIdStr":"4096954397979090"},"htmlText":"Hope SEC don't waste time like these. Go after bogus projects like unikoin gold. misled&nbsp;the public w Ashton Kutcher as the investor and yet tank the whole project with over $20m raise and paid only $9' in fines and so far no money has came back to many investors yet.&nbsp;","listText":"Hope SEC don't waste time like these. Go after bogus projects like unikoin gold. misled&nbsp;the public w Ashton Kutcher as the investor and yet tank the whole project with over $20m raise and paid only $9' in fines and so far no money has came back to many investors yet.&nbsp;","text":"Hope SEC don't waste time like these. Go after bogus projects like unikoin gold. misled the public w Ashton Kutcher as the investor and yet tank the whole project with over $20m raise and paid only $9' in fines and so far no money has came back to many investors yet.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9900471503","repostId":1125735079,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9900440864,"gmtCreate":1658757426158,"gmtModify":1676536202613,"author":{"id":"3575616552570301","authorId":"3575616552570301","name":"KSHoSG","avatar":"https://static.tigerbbs.com/f9e9c60ddd65dd7dca218423e8951ee3","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3575616552570301","authorIdStr":"3575616552570301"},"htmlText":"[Thinking]&nbsp;","listText":"[Thinking]&nbsp;","text":"[Thinking]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9900440864","repostId":1125735079,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9900549734,"gmtCreate":1658736979928,"gmtModify":1676536199889,"author":{"id":"4094697156250480","authorId":"4094697156250480","name":"快乐快了","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4094697156250480","authorIdStr":"4094697156250480"},"htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9900549734","repostId":1125735079,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9900584394,"gmtCreate":1658728883318,"gmtModify":1676536198918,"author":{"id":"3578783239633074","authorId":"3578783239633074","name":"Kenang","avatar":"https://static.tigerbbs.com/9b932623d314153a412ec6160f17873c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578783239633074","authorIdStr":"3578783239633074"},"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9900584394","repostId":1125735079,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":103061791,"gmtCreate":1658728891569,"gmtModify":1663208854536,"authorId":3578783239633074,"author":{"id":3578783239633074,"idStr":"3578783239633074","authorId":3578783239633074,"name":"Kenang","avatar":"https://static.tigerbbs.com/9b932623d314153a412ec6160f17873c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9900584394,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":39,"commentSize":4,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1125735079"}