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1) The CFTC fines Coinbase $6.5m. This might be bullish for Coinbase. cftc.gov/PressRoom/Pres

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2) NOT INVESTMENT ADVICE. NOT LEGAL ADVICE.

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3) On its surface, this looks, well... I mean idk how bad it is, but it's not _good_. "Coinbase recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets, including Bitcoin, on the GDAX electronic trading platform it operated."

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4) But sometimes... idk, something about an onion.

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5) First, the actual accusations aren't that bad. a) they had two bots which traded against each other, but "Hedger and Replicator had independent purposes" b) "The GDAX Trading Rules specifically disclosed that Coinbase was trading on GDAX"

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6) c) The actual manipulative behavior came from an ex employee, not the company, and given the lack of cited magnitudes, I'm guessing it wasn't that big.

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@supermariokartD

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Why would an employee engage in this behavior unless they were absorbing fees for themself? Seems like they could pin it on a rogue employee acting alone to lessen the blow.

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@supermariokartD

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@SuperMarioKart

ya could be -- though also could just be like someone bored at work

12:12 AM · Mar 20, 2021Twitter Web App