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1/ Problem with going ahead now is fines/penalties can be astronomical. Will a judge understand the complex issues and side against the government? Will SEC retaliate? Refusal to discuss merits is just more leverage to force a settlement/shutdown.

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1/ If true, this is pretty underhanded. I know it's easy for me to say, but Coinbase should go ahead and launch its product, let the SEC sue, and go to court. Let the SEC make its case and let a judge decide what the law is. blog.coinbase.com/the-sec-has-to

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2/ “We won’t tell you why we think your product is illegal but we will tell you that there is no path to making it legal. Disagree? Go ahead and see what happens.” SEC is not the only regulator playing this game. It’s getting to be more common tactic because it works.

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3/ US companies are being hobbled vs competitors because of selective enforcement. Is it protecting consumers? No. They’ll either go offshore to the many unbothered, freely operating alternatives or they will simply lose out on the opportunities offered by crypto.

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4/ the only reasonable paths here are: 1. Enforce against domestic companies simultaneously and only after you have enforced against all offshore competition; 2. Create a reasonable, legal path to offer these basic crypto-enabled financial products that consumers demand.

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5/ current approach makes it look like our regulators work for the legacy banking cartel, not consumers. I assure you that consumers are not harmed by CEX 5% yield or DEX trading but they are absolutely harmed by being prevented from taking advantage of them.

3:54 PM · Sep 8, 2021Twitter for iPhone

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6/6 we cannot allow a few rogue, unelected, legacy protectionists to steal opportunities from our consumers, suffocate our businesses and hand this industry to our global competitors. Companies are too fearful of retaliation and will be strong-armed. Congress must act.

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@newmoneyreview

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How can you say consumers are not at risk of harm from a CEX 5% yield? They are putting their principal at risk (Coinbase says it guarantees the principal, but that guarantee carries severe wrong-way risk). And there is no FDIC insurance.

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The expectation is that it would be be fully/over-collateralized and backstopped by the company’s balance sheet and/or insurance. It’s pretty much zero risk.

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Peak boomerism . Hate to see it

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Ed n' ₳ltcoins

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It 100% is about protecting legacy banking systems. Janet yellen got paid handsomely by them.

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No case exists that they are protecting cryptocurrency users. There's no cry for help they are answering. And any bid to really help would start with something that actually made crypto better, not with trying to hobble the best technologies and participants.

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"...looks like..." Politically put Jesse. But this is a 100% certainty.

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You kidding 🙃 bc nothing new here and btw banksters does not like crypto..just saying bc this is what they have in mind technocracy.news/bis-tests-inte Good luck bc Crypto will need it... 🍿

technocracy.news

BIS Tests International Settlements With Central Bank Digital Currencies

Global Fintech is rapidly congealing as Central Bank Digital Currencies (CBDC) are integrating into the Bank for International Settlements (BIS) in order to "lay the foundation for global payments...

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