Conversation

Jesse Powell
@jespow
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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Jerry Brito
@jerrybrito
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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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Jesse Powell
@jespow
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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Jesse Powell
@jespow
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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Jesse Powell
@jespow
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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Jesse Powell
@jespow
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.
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Jesse Powell
@jespow
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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TraderPaul04
@Paul04Trader
So, what's next then? What does a path to fair legislation/regulation look like when the SEC is saying and doing what they've said and done already?
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TraderPaul04
@Paul04Trader
Replying to
@jespow
Right, we agree there. The end point is clear. How to get there, given the current climate, is not. That’s what worries me as a US investor. I don’t have the confidence to know or understanding of getting to the endpoint is feasible.