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0 pointsvkou2y ago0 comments

There's no way to register these securities with the SEC, because their creators aren't interested in being in compliance with securities laws. It would require more transparency and accountability than they would like.

As a result, the SEC does not allow anyone to run an exchange that trades those illegal securities.

Being a registered security isn't hard, all sorts of stupid and speculative instruments get registered. If your shitcoin isn't able to get registered, the fault is with it, not the SEC. If your exchange isn't allowed to trade that shitcoin, the fault is with the coin, not the SEC. It's not the SEC's job to provide guidance on how to run an exchange that trades in unregistered securities. The only guidance it should provide in answer to that query is 'You can't.'

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latchkey2y ago

> Being a registered security isn't hard, all sorts of stupid and speculative instruments get registered. If your shitcoin isn't able to get registered, the fault is with it, not the SEC.

You're contradicting yourself there. If it isn't hard, it should be easy for a shitcoin to get registered then.

detaro2y ago

Not necessarily a contradiction, no. It can be very easy to do something, and lots people failing to do so because they refuse to follow the simple rules around it. (how much that is the case with shitcoins I don't know, but it's at least believable that many of them didnt make a serious attempt because it'd get in the way of making lots of money by exaggerated marketing)

latchkey2y ago

Now you're just generalizing with platitudes and snarky comments about exaggerated marketing. This isn't just about shitcoins and you know it.

Gensler, just yesterday, couldn't even answer a simple question about ETH being a security and that's the second largest marketcap crypto out there.

Pretending that crypto is only made up of shitcoins doesn't mean that it is going to magically go away. It is here to stay. The cat is out of the bag.

The SEC can only bury its head for so long and that's clearly coming to light now. You've got Warren with her stupid 'war on crypto' and Gensler as her puppet talking head.

Things need to change and Coinbase is going to have to sue them to get that change. That speaks more to the lack of clarity in the SEC, than to anything Coinbase is or isn't doing well.

vkouOP2y ago

If a shitcoin can't meet the low, low bar for registration, that's an indictment of the shitcoin, not of my argument. Don't walk, run away from it.

latchkey2y ago

What about ETH then?

https://twitter.com/twobitidiot/status/1648732457448120321

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0 pointsvkou2y ago0 comments

As a result, the SEC does not allow anyone to run an exchange that trades those illegal securities.

0 comments

latchkey2y ago

> Being a registered security isn't hard, all sorts of stupid and speculative instruments get registered. If your shitcoin isn't able to get registered, the fault is with it, not the SEC.

You're contradicting yourself there. If it isn't hard, it should be easy for a shitcoin to get registered then.

detaro2y ago

latchkey2y ago

Now you're just generalizing with platitudes and snarky comments about exaggerated marketing. This isn't just about shitcoins and you know it.

Gensler, just yesterday, couldn't even answer a simple question about ETH being a security and that's the second largest marketcap crypto out there.

Pretending that crypto is only made up of shitcoins doesn't mean that it is going to magically go away. It is here to stay. The cat is out of the bag.

The SEC can only bury its head for so long and that's clearly coming to light now. You've got Warren with her stupid 'war on crypto' and Gensler as her puppet talking head.

Things need to change and Coinbase is going to have to sue them to get that change. That speaks more to the lack of clarity in the SEC, than to anything Coinbase is or isn't doing well.

vkouOP2y ago

If a shitcoin can't meet the low, low bar for registration, that's an indictment of the shitcoin, not of my argument. Don't walk, run away from it.

latchkey2y ago

What about ETH then?

https://twitter.com/twobitidiot/status/1648732457448120321

1 more reply

j / k navigate · click thread line to collapse