Regulators: “You can’t do that, it’s illegal.”
Crypto: “It’s really frustrating that you don’t give us clear guidance on these things.”
“No, seriously, that’s illegal.”
“You can’t give us a hint even?”
“Please, just stop.”
“We’ll take that as maybe for now, but this sucks.”
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Coinbase approached the SEC about offering a 4% yield product.
They received no clarity. Instead they received the threat of litigation.
Meanwhile, Celsius, Voyager and BlockFi were allowed to offer 10%+ interest products while gambling with user funds.
Good job, Gary.
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