debuted on the U.S. stock market on April 14, 2021 - the same day U.S. senators confirmed Gary Gensler to lead the Securities and Exchange Commission , the country's top markets regulator." riddled with fraud, is now embroiled in a battle with the world's largest publicly-traded crypto firm over a core debate: whether digital assets are investment contracts akin to stocks or bonds that should be regulated by the SEC.
The escalating tension exploded into public view on Wednesday when Coinbase CEO Brian Armstrong and the company's chief legal officer Paul Grewal posted online that the firm had been told that SEC staff intend to recommend enforcement action, adding that Coinbase was willing to fight it in court.SEC and Coinbase spokespeople declined to comment. For months, the two have been in discussions over regulation and the agency's investigation into Coinbase, according to two sources.
Discussions between the SEC and Coinbase broke down in recent weeks, with one source saying the two sides had moved "further apart." The SEC appears to be going after Coinbase's entire business as operating outside of U.S. laws, the source said.
I'm no expert on the crypto industry, but if there's one thing I've learned from watching The Fast and the Furious movies, it's that clashes between fast-moving industries and the authorities never end well.
Who will survive?
Everything but original Bitcoin...now only using BSV trading ticker, is a security. CoinBase will lose this and thats why insiders dumped their stock on the public:
Is there a date set? Also I feel like the digital asset side has been literally screaming for a clear path to compliance. The gov should’ve done this shit back in 2017. FTX would’ve never happened like it did if it wasn’t pushed offshore…