The SEC's Move Against Coinbase Sparks Excitement Among the Crypto Community.
The crypto community was abuzz with news of the U.S. Securities and Exchange Commission’s move against Coinbase, the leading cryptocurrency exchange in the country. This sparked a profound discussion about the potential impact on the future of cryptocurrency in the United States.
Caitlin Long, CEO of Custodia Bank, tweeted that it's obvious now that the Biden Administration is focused on eliminating all forms of cryptocurrency from the United States, even the parts that are legitimate. She referred to the recent White House economic report, which criticized financial innovation and advocated for the stability of traditional banks.
By the way, if Coinbase really decides to resist against the SEC as they have claimed, then I feel:
I have decided to transfer all my purchases to Coinbase while moving all my trades to the same platform. Moreover, I am entrusting the staking nodes on Coinbase to handle my delegation.
If they support this industry, I will show my support through my purchasing decisions. ????️
On March 22, 2023, Adam Cochran (adamscochran.eth) made a tweet.
Long and his colleagues raised concerns about the SEC's unexpected issuance of a "Wells Notice" against Coinbase, which had been offering staking rewards to its investors for a number of years as a publicly-traded company. The SEC is now threatening to sue Coinbase for allegedly providing unregistered securities, despite the fact that they had been offering staking for quite some time without any legal issue.
I don't particularly like Coinbase, but I am in favor of their stance against the SEC.
Why did the authorities suddenly issue a wells notice to Coinbase, despite approving their S1 filing two years ago which repeatedly mentioned staking more than 56 times?
Preventing originality and progress is not the way to go, especially in the current economic climate. Check out the link to learn more.
The blog post shared by Nosh ☯︎ on March 22, 2023 can be paraphrased in the following way: On the specified date, Nosh ☯︎ tweeted a blog article that contained certain information.
During the last nine months, Coinbase has communicated with the Securities and Exchange Commission (SEC) on more than 30 occasions to provide information about our company so we could register with them. According to Paul Grewal, our Chief Legal Officer, however, the SEC hasn't given any constructive feedback or guidance about what we need to change or how exactly we can register. Instead, we received a Wells notice from them recently.
If a company receives a Wells Notice from the SEC, it means that the agency - SEC - plans to initiate legal action against the company.
Right from the beginning, @coinbase made significant investments to ensure full compliance with the laws prevalent in the United States, even if it meant slower progress or losing an edge against other exchanges that chose to use easier routes. This statement was made by Chris Dixon, a general partner at Andreessen Horowitz.
Dixon stated that the United States has a rich legacy of promoting ingenuity, and authorities have been instrumental in setting unambiguous guidelines and punishing wrongdoers. Dixon expressed the desire for the U.S. to adopt a more positive attitude when working together with trailblazers in order to safeguard customers.
A lot of people showed support for Coinbase, including Adam Cochran, the creator of Cinneamhain Ventures (CEHV). He stated that if Coinbase goes against the agency, he will become a customer and support them financially.
Numerous individuals promptly placed blame on the SEC, but others chose to condemn the organization. This group included members of the XRP community who remained upset following Coinbase's decision to remove XRP from the Coinbase Wallet in the previous autumn.
I do not sympathize with Coinbase at all. They had the opportunity to support Ripple, yet they decided to remove #XRP from their platform in hopes of receiving special treatment.
The tweet from CryptoBull on March 22, 2023 is referring to the current state of the cryptocurrency market. The author is suggesting that despite the recent downturns, things will start to look up soon. Essentially, CryptoBull is predicting a bullish trend in the cryptocurrency market. This is likely based on a variety of factors, including current market conditions and various indicators that point towards an upcoming upswing. Of course, it's impossible to know for certain what will happen in the cryptocurrency market. However, CryptoBull's tweet is an example of the type of analysis that many investors and traders use to try and anticipate future trends. By staying up to date on market conditions and paying attention to relevant news and events, it's possible to make informed predictions about the future of cryptocurrency.
Ripple Labs and the SEC have been engaged in legal proceedings since December 2020. The government organization alleged that the company, co-founded by the creators of XRP in June 2012, deceived investors and illegally collected $1.3 billion in unregistered securities.
Attorney Bill Morgan expressed disbelief on Twitter, stating that he doesn't think he will ever comprehend how the SEC approved Coinbase's public listing but later raised various concerns. Morgan questioned the SEC's actions, not only regarding cryptocurrencies but also how they're safeguarding Coinbase's shareholders through their questionable behavior.
Here is a great comparison to describe the current situation with Coinbase's Wells notice. It's quite disheartening to see the SEC not supporting an American company that has American workers, clients, and investors working towards proper crypto operations. It would be much better if the SEC was a true partner in these efforts. Check out the link for more information.
