BREAKING : Coinbase Fires back at the SEC

[traderjo]

We will see how this goes...

Coinbase launches its own blockchain in first for a publicly listed company
https://finance.yahoo.com/news/coinbase-launches-own-blockchain-first-071208204.html

Coinbase Global announced the public launch of its Ethereum layer-2 blockchain Base on Wednesday. In doing so, the San Francisco-based cryptocurrency exchange became the first publicly listed company to launch its own blockchain network.

Fast facts

• Coinbase claims that the Base blockchain network will allow users access to over 100 decentralized applications (Dapps).
  
  
• “Base was created with a clear vision: bring the next million builders and billion users onchain,” wrote Jesse Pollak, head of protocols for Coinbase, in a news release. “This serves to accelerate a global, decentralized financial system that will increase economic freedom around the world.”
  
  
• Coinbase first trialed the blockchain in February. It then opened the network to builders in July, allowing users to bridge Ether to the Base network with certain developer tools.
  
  
• Over US$127.3 million worth of Ether had been bridged to the Base blockchain as of Thursday afternoon in Asia, according to blockchain analytics platform Dune Analytics.
  
  
• To mark the launch, Coinbase kicked off “Onchain Summer” — an event that it describes as a month-long celebration of blockchain art, music and gaming. Participants include Coca-Cola, game developer Atari and NFT marketplace OpenSea.
  
  
• Meanwhile, the company remains under regulatory scrutiny from the U.S. Securities and Exchange Commission. The SEC filed a lawsuit against Coinbase and Binance.US in June for allegedly breaching securities laws. Both companies deny the allegations.

And what exactly what all this means? endless summer?

 

[The_Krakenite]

I guess it means I don't have to close out my short-PUT on Coinbase any time soon.

And Chanos is having second thoughts on his straight-up short position.

 

[maxinger]

One of them will close down, Coinbase or SEC?

 

[Tokenz]

One of them will close down, Coinbase or SEC?

Even though I'm a big crypto fan, it seems to me that the SEC is fighting a losing battle. They already made plenty of mistakes, and one of them in being too aggressive with the crypto market. Now, with many polititians jumping on the crypto bandwagon, the SEC is making a lot of enemies. Even congress is joining the crypto market and willing to provide clarity that was supposed to be the SEC's job. Even Judge Torres who is the judge for the Coinbase, Binance, and Ripple cases, is in agreement that the SEC is abusing their power.

One thing is for certain. And that's Gary Gensler is a big idiot. I'm 99 percent certain that this is going to play in favor of the crypto market

 

[traderjo]

Even though I'm a big crypto fan, it seems to me that the SEC is fighting a losing battle. They already made plenty of mistakes, and one of them in being too aggressive with the crypto market. Now, with many polititians jumping on the crypto bandwagon, the SEC is making a lot of enemies. Even congress is joining the crypto market and willing to provide clarity that was supposed to be the SEC's job. Even Judge Torres who is the judge for the Coinbase, Binance, and Ripple cases, is in agreement that the SEC is abusing their power.

One thing is for certain. And that's Gary Gensler is a big idiot. I'm 99 percent certain that this is going to play in favor of the crypto market

You area Crypto fan so it is natural you are going to be against SEC actions... LOL

 

[Tokenz]

You area Crypto fan so it is natural you are going to be against SEC actions... LOL

If you want the economy in america to grow, then you better be against their actions too.

 

[traderjo]

Economy is grown by encourage value addition in manufacturing and services,, how allowing thinly - un regulated Crypto is going to increase the economy !

 

[Tokenz]

Economy is grown by encourage value addition in manufacturing and services,, how allowing thinly - un regulated Crypto is going to increase the economy !

It was very difficult to understand what you just wrote. Sounds like the last sentence was meant to be a question? How is crypto going to increase the economy?

Well what do you think happens when people profit? Come on now, your mamma didn't raise a fool...

 

[traderjo]

First of all you don't have to use abusive language... when people profit? you say .. yes true but by value added industry like exporting more goods and services...

 

[jbusse]

Since hard money (like bitcoin) is characterized by low inflation, it results in a lower time preference of money because you don't worry about your money losing buying power. A lower time preference encourages patient capital investment that drives greater economic growth.