5 ms·

The message with the FBI coordinating with social media platforms to censor Americans and now gov agencies going after Coinbase (the company that has tried hard

The message with the FBI coordinating with social media platforms to censor Americans and now gov agencies going after Coinbase (the company that has tried hard to stick to the letter of the law, which is a valid position in a capitalist country) tells me that we are entering a phase where the gov is simply going mad with power. Down vote all you want I don't care (or I care more about sharing my observation than your disapproval.)

martin8412 3y ago
Well, if they wanted to stick to the letter of the law, they'd immediately stop selling unregistered securities. It's not like it's difficult to register a security with the SEC.
- pffft8888 3y ago
  Who gets to define them as unregistered securities? The SEC claimed BUSD is a security and shut it down. If stabelcoins pegged against the dollar with provable 1:1 reserves are a security then... SEC needs to be dismantled or reset.
  - martin8412 3y ago
    BUSD are two different currencies operated by different entities, while pretending it was the same, or it was anyway. The one backed 1:1 was offered by Paxos in the US and the other printed by Binance as they saw fit, while pretending it was the same. That's why it was killed off.
chatmasta 3y ago
FedNow is launching in July. I think the motivations here are pretty obvious.
- xfour 3y ago
  Is this confirmed that it's really launching in July, do you have a source?
  - chatmasta 3y ago
    https://www.federalreserve.gov/newsevents/pressreleases/other20230315a.htm https://www.federalreserve.gov/newsevents/pressreleases/othe...
- localplume 3y ago
  [dead]
2OEH8eoCRo0 3y ago
> Coinbase (the company that has tried hard to stick to the letter of the law Where is their HQ?
- kodah 3y ago
  In SF last I checked
  - 2OEH8eoCRo0 3y ago
    I was confused and talking about Binance. Coinbase does appear to be law abiding.
    - chatmasta 3y ago
      Coinbase's whole shtick is to be the law-abiding crypto exchange, so it's kind of alarming to see the sudden SEC action against them, when their entire value is based on the goal of working in good-faith with regulators to bring crypto into the mainstream economy.
      - JumpCrisscross 3y ago
        > when their entire value is based on the goal of working in good-faith with regulators Armstrong spends his day tweeting insults at the SEC. I know Gemini and Coinbase positioned themselves, to users and investors, as regulatory friendly and compliant. But they didn’t behave the way compliance-obsessed firms do.
        chatmasta 3y ago
        > Armstrong spends his day tweeting insults at the SEC. I don't follow Armstrong on Twitter. Can you cite some examples? I took a brief look through his Tweets mentioning "SEC" [0] and didn't see any Tweet that a reasonable person would consider an "insult." Also, the rate of his Tweets containing "SEC" seems much lower than what you'd expect from someone who "spends his day" tweeting at the SEC - surely such a person would mention the SEC in their Tweets more than a few times per year. [0] https://twitter.com/search?q=from%3A%40brian_armstrong%20SEC&src=typed_query&f=live https://twitter.com/search?q=from%3A%40brian_armstrong%20SEC...

martin8412 3y ago

Well, if they wanted to stick to the letter of the law, they'd immediately stop selling unregistered securities. It's not like it's difficult to register a security with the SEC.

pffft8888 3y ago
Who gets to define them as unregistered securities? The SEC claimed BUSD is a security and shut it down. If stabelcoins pegged against the dollar with provable 1:1 reserves are a security then... SEC needs to be dismantled or reset.
- martin8412 3y ago
  BUSD are two different currencies operated by different entities, while pretending it was the same, or it was anyway. The one backed 1:1 was offered by Paxos in the US and the other printed by Binance as they saw fit, while pretending it was the same. That's why it was killed off.

chatmasta 3y ago

FedNow is launching in July. I think the motivations here are pretty obvious.

xfour 3y ago
Is this confirmed that it's really launching in July, do you have a source?
- chatmasta 3y ago
  https://www.federalreserve.gov/newsevents/pressreleases/other20230315a.htm https://www.federalreserve.gov/newsevents/pressreleases/othe...
localplume 3y ago
[dead]

2OEH8eoCRo0 3y ago

> Coinbase (the company that has tried hard to stick to the letter of the law Where is their HQ?

kodah 3y ago
In SF last I checked
- 2OEH8eoCRo0 3y ago
  I was confused and talking about Binance. Coinbase does appear to be law abiding.
  - chatmasta 3y ago
    Coinbase's whole shtick is to be the law-abiding crypto exchange, so it's kind of alarming to see the sudden SEC action against them, when their entire value is based on the goal of working in good-faith with regulators to bring crypto into the mainstream economy.
    - JumpCrisscross 3y ago
      > when their entire value is based on the goal of working in good-faith with regulators Armstrong spends his day tweeting insults at the SEC. I know Gemini and Coinbase positioned themselves, to users and investors, as regulatory friendly and compliant. But they didn’t behave the way compliance-obsessed firms do.
      - chatmasta 3y ago
        > Armstrong spends his day tweeting insults at the SEC. I don't follow Armstrong on Twitter. Can you cite some examples? I took a brief look through his Tweets mentioning "SEC" [0] and didn't see any Tweet that a reasonable person would consider an "insult." Also, the rate of his Tweets containing "SEC" seems much lower than what you'd expect from someone who "spends his day" tweeting at the SEC - surely such a person would mention the SEC in their Tweets more than a few times per year. [0] https://twitter.com/search?q=from%3A%40brian_armstrong%20SEC&src=typed_query&f=live https://twitter.com/search?q=from%3A%40brian_armstrong%20SEC...