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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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Jerry Brito

@jerrybrito

· Sep 8, 2021

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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W. Aaron Daniel

@wadaniel

Sep 8, 2021

It's called the "trial tax" in criminal prosecutions. You may be innocent, but if elect to vindicate your innocence rather than take a plea deal, the government will pile on charges and advocate for the most stringent sentencing.

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Exactly! Same unethical dynamic at play here, which is obviously a massive problem in the criminal system as well. Penalties available are insane and there is so much gray area in this space, such a large attack surface for crypto companies, it’s hard to fight.

4:25 PM · Sep 8, 2021Twitter for iPhone

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The sec chose $eth and $btc as the winners and took action against $xrp. They will now choose the winners with exchanges and target others. It should be a level playing field for all with clarity and regulations set out for all companies to follow.