Using exchanges as a way to store your coins is the worst financial decision possible. Literally the combination of bad perks of crypto and banks.

@joewest3901

Жыл бұрын

Yeah but the abandonment of exchanges just walls off massive numbers of people from dealing in crypto. Having well-regulated exchanges would be a massive boost to crypto.

@altrag

11 ай бұрын

@@joewest3901 I don't know that it would be a massive boost. It would give the exchanges legitimacy, but at the same time it would require them to act legitimately. It would be a lot harder to run the pump-and-dump schemes that are mostly responsible for enriching the crypto bros when those schemes are suddenly subject to regulatory oversight. And once you can no longer build "to the moon!" coins on the backs of the suckers who buy in late (or at least not nearly as easily), where is the draw of crypto? Like the actual draw, not the idealistic nonsense about anonymity and freedom from government control that nobody really believes in anymore. Especially the latter when the whole point of this exercise is to intentionally subject crypto to government control.

@the_expidition427

11 ай бұрын

@@altrag Crypto will never be fully subject to government control and "everyone" is a generalization it is not nonsense or idealisitc. Crypto is a currency alternative to fiat currency that is one of the main draws.

@altrag

11 ай бұрын

@@the_expidition427 > Crypto will never be fully subject to government control Then it will never be legitimate. Legitimacy requires oversight. > it is not nonsense or idealisitc It is. Currency requires trust in its stability. The USD and most other major currencies base their trust in their respective governments and national economic outputs. Crypto does not provide that kind of trust. Its possible that crypto coins could be minted with that kind of trust, but that would require imposing oversight - the very thing you're trying to avoid. Crypto is one of those "we want all of the rights but none of the responsibilities" type ideologies, and those just don't work out all that often in the real world. > Crypto is a currency alternative to fiat currency that is one of the main draws Except it isn't an alternative to fiat currency. No company is going to make a (major) transaction in a "currency" that could lose 20% of its value within an hour based on nothing more than some nerd's blog post. Sure, it kind of half-assed functions as an intermediate fiat currency in black and grey markets where avoiding oversight is more important than stability, but crypto will never be used on large scale among legitimate businesses. Not until it finds something stronger than "the popularity of the latest internet meme" to base its stability on. (And no, stablecoins don't cut it. They're explicitly tied to the value of real currency, meaning you can't replace real currency and retain that stability. Not that stablecoins have proven themselves to be as stable as they claim anyway. They're often just trading stability of value for stability of existence.)

@JakeyMan

11 ай бұрын

The dream for the anarcho buyer/ converter is cognitively dissonant, as "free actors" trade finally mostly in the new defaultof crypto, they will simultaneously cash out sideways within the new finance paradigm with a big leg up. It's therefore hard to sympathize, but fascinating like crummy Dickens characters like Fagin.

When half the crypto is proven to be a scam / in serious risk it only makes sense to investigate the other half, despite if people think they are 'the good ones'

@TheVirtualObserver

Жыл бұрын

Yeup. And if anything Binance has proven itself to be pretty shady in how it interacted with FTX & the degree of personal control / ownership CZ has over its operations. I suspect Binance really really doesn't want to be investigated because it may prove some things some crypto critics have suspected for a while now. Namely that they're running a Ponzi scheme and are insolvent, among other things.

@robster7787

Жыл бұрын

As someone that’s been involved it’s crypto since it’s rise to popularity in 2015, I can definitely say claiming that half are a scam is an understatement. There are thousands if not millions where their technology will not go anywhere, or is definitively a scam. If anything, the least worrisome crypto is realistically the top 20 coins if not the top 10. At best, it’s a volatile investment where the investor should know the risks and accept them. Might as well pick the one with the most history.

@DanielFerreira-ez8qd

Жыл бұрын

@@robster7787 "volatile investments" shouldn't really be pushed into lay people, but here we are. Several years of those bastards trying to prove to us that this is the future.

@Sam-uz4iy

Жыл бұрын

Half? More like 95% are scams

@mamba101

Жыл бұрын

Except they’re not investigating any specific list of crypto - they’re investigating the exchanges. Crypto can continue with no centralised exchanges, they’re just convenient. If the SEC went after crypto scams they’d be actually doing some good, but that’s not really their MO

Calm and collected view on the situation. Thank you very much for what you provide to people not accustomed to the US regulatory system.

@monash4250

11 ай бұрын

Yeah it's a scam.

Axios made a hilarious comment in their markets newsletter this morning to the effect that AI coming along as the next big thing for investors freed the SEC to move in because crypto is no longer too cool to intervene. And that sounds about right.

@dragonl4d216

Жыл бұрын

It's the opposite. After multiple big frauds and scandals with retail traders being the victims, the SEC is pressured to come in and regulate the shitshow. The future of finance heh.

@earthling_parth

Жыл бұрын

That sounds hilariously dumb

@bipolarminddroppings

Жыл бұрын

Thats just not how the world really works. It was always just a matter of time with crypto, eventually the wrong billionaire would lose money and their friends at the SEC would jump to action. And here we are...

@theedwardian

11 ай бұрын

"Gensler: Uy-ishkabibble! I can't steal from them - they're too cool!"

@melvinthedeathless.melvint6727

11 ай бұрын

@@earthling_parth Yes, the world is that dumb, public opinion does matter. 2 years ago, crypto was the cool kid in town, and if you are a no-coiner, "have fun staying poor!!" How things have changed, all it took was millions of retail investors to lose their wealth.

This is one of my favorite youtube channels. You really dp serve us no-nonsense, high quality bagels of explanation. Im sp grateful for what you do

@jebjim9391

Жыл бұрын

seconded :)

@cryptoricardo

Жыл бұрын

There is a anti-crypto bias, but otherwise yes, very good channel

@DouglasLoring

Жыл бұрын

At least he’s upfront about where his biases are. Unlike certain owners of crypto exchanges who can’t seem to stop saying one thing in public and then doing the exact opposite in private. I’m sure it’s just a coincidence (again) and none of them were trying to deliberately break the law and manipulate investors or commit fraud.

@Cat-zc8nj

Жыл бұрын

hehehe... bagels 🥯

@importedmusic

Жыл бұрын

wpll spid

I really appreciate the breath of fresh air this channel is. I feel like a lot of money/finance content online is either very misleading or a straight up scam. Nice to feel like I’m not being sold something when trying to understand what’s going on in the world :)

@eddenoy321

Жыл бұрын

Sarah Brown You are right. So much misleading info on the internet. Always double check.

Coinbase didn’t do an IPO, they did a direct listing,

@samsonsoturian6013

Жыл бұрын

Less regs, too

@rossmacintosh5652

11 ай бұрын

Oops! He dropped the bagel on that one. Or did he? Was it approved for an IPO as he said, but then did the direct listing instead?

@samsonsoturian6013

11 ай бұрын

@@rossmacintosh5652 Yes regulation for that too.

Well-explained and easy enough to understand (as always). Interesting to see how this will play out!

Subscribed! No hype, no crazy clickbait, just good organized facts and news. Thank you.

Thanks for breaking down such complex issues in a reasonable manner.

Thanks for the excellent analysis of these lawsuits. I was also kind of hoping that there would have been an discussion regarding the ongoing court case between Ripple (XRP) and the SEC. Maybe another video once the final judgement is announced??

Always so clear and helpful. Thank you for your organization and presentation.

Remember when the SEC sued FTX? Oh wait... no they actually gave them the green light. Makes sense

@joewest3901

Жыл бұрын

When the line is going up, nobody wants to regulate because it just stops people from accumulating wealth. When everything goes bust, the regulatory appetite surges because now there’s actually some evil to regulate out of the market. Is that right? Not really. But it makes perfect sense.

@Aquatj999

11 ай бұрын

Yeah….. If the SEC had stopped FTX/Alameda back in 2019, everyone paying attention would have hailed SBF as a hero and victim of tyrannical overregulation. It’s not until people get hurt that anybody wants red tape, and when red tape protects people, you only notice it when it annoys you, so everyone ends up wanting it gone. Cycle of sticking hands into fires…..

@melvinthedeathless.melvint6727

11 ай бұрын

Well, that's becuz SBF paid off some congressmen, and those congressmen wrote an angry letter to SEC, demanding that SEC not interfere with crypto "innovation". SBF was so so close to fulfilling his goal: getting congress to pass a crypto friendly bill. And the house of cards suddenly collapsed becuz SBF chose to rife up CZ. these 2 clowns deserve one another...

@personzorz

11 ай бұрын

​@@joewest3901 no one accumulated wealth when line went up. It was all a ponzi

@the_expidition427

11 ай бұрын

@@joewest3901 No it does not make perfect sense everyone doing the same thing does not make it safe only lucrative. Whether it is the tide that lifts all boats or the tide that shows whos skinny dipping there is almost always some type of shill to regulate, except the regulators took a backseat and turned a blind eye this time. As everyone had been doing and regulators are part of that whole.

It is really great to see your channel grow from under 10k to now over 746k! And, of course, thanks for the great content!

the plain bagel is starting to feel more like the everything bagel, it's giving us everything finance (and supposedly finance)

I got some money in USD recently, which I don't want to convert to Polish Zloty (Polish currency) and I was thinking of opening a Binance account, not even "getting into crypto" per se, just heard that they have very low fees on cash withrdrawals and paying with a card. But after what you just said I'll probably pass :D

They want a registration regime that's lacks conditions restricting their behaviour. Hard to square.

Thank you for the thoughtful and nuanced takes I have come to expect from this channel. 👍🤩👍

I really appreciate your diligence on staying up to date and all of the knowledge you have. Recently found your channel and already a big fan.

Thanks for the summary and explaining both sides of the argument. traits of a good reporter.

I would say that the biggest "issue" that these exchanges have is due to the existence of things like "tokenized stocks." I know that FTX had some which were marketed as 1:1 with the associated stocks and supposedly had actual stocks backing them. Something like this, I would see as definitely being a security and thus subject to all the regulation it requires.

@xraceboyex

11 ай бұрын

The govt literally counterfeits money and gives it in the form of grants to companies that pay their employees with stock options. Those same companies buy their own stock back with the govt money. If that's okay and the SEC doesnt have a problem with that (and a hundred thousand other forms of fraud that are daily occurances in the stock market) then I don't see the problem. The SEC allows all kinds of fraud, it's inconsistent for them to go against any of it.

The weird crypto mining AD I got on this video shook me for a moment. I don't think it's as effective on your videos as they probably hope 😂

Can someone explain this to me? Why did the SEC allow coinbase to be a publicly traded company in the first place if they knew about all their wrong doings?

@mattmmilli8287

11 ай бұрын

Cause they started with only Bitcoin and few others and now into shit coin scams

@bootysnatcher8069

11 ай бұрын

@@mattmmilli8287 they were selling way more than just BTC then. A lot of the alt coins the SEC has a problem with (ADA, MATIC, SOL, ALGO, etc) recently were all being sold on coinbase at that time.

@lunarmodule6419

11 ай бұрын

Not the first time a company goes rogue after being cleared at first. It's unpredictable, that's why we have the SEC.

@bootysnatcher8069

11 ай бұрын

@@lunarmodule6419 what did they do recently where they went rogue, that they weren’t already doing in the past?

@melvinthedeathless.melvint6727

11 ай бұрын

@@bootysnatcher8069 Insider trading , listing a crapload of shitcoins which are no different from penny stocks, except it's unregistered. Anyways, coinbase argument is weak. Being publicly traded doesn't mean you have the license to do whatever you want. Only entitled cryptobros think this way.

Is this when Jeremy Clarkson goes "Oh no, anyway"?

Time to liquidize those coins

@jakalordarkblood4331

Жыл бұрын

-Every person with an ounce of sense and invested in crypto (they don't exist)

@seadkolasinac7220

Жыл бұрын

@@jakalordarkblood4331 genuine moron comment, especially considering all the people that have made lots of money from it

@IL_Bgentyl

Жыл бұрын

It’s honestly a battle between the people and government. People want to cut out the banking system but the government doesn’t want that. I just average in a couple $100 and don’t really care where it goes.

@elliot7761

Жыл бұрын

Give me your argument on how blockchain and cryptocurrency has no utility or purpose? I'll wait... Because there isn't one. Your emotions dictate your words. Just because FTX fails, or some influencer's altcoin or NFT rugpulled you, doesn't mean the technology isn't sound or useful and revolutionary.

@3_character_minimum

Жыл бұрын

​@John 😅 Until the coins/exchanges/salesmen do no travel to the moon. Then its time to run home to daddy. It seems that those investing in digital currency seem to not look to closely at how the analogue world came to its formation. Like every middle manger that tries to reimplement the same failed project as the previous collective of middle managers. Learn the fuck ups first. Then try to innovate. Just don't find a new crutch to think it will help you scale.

An excellent and informative video ... as always. I was a little distracted every time you said "subsidairy". Were you saying subsidiary? Is that just a new, accepted pronunciation?

@dancekeb1308

2 ай бұрын

No, it's not accepted. I found it very distracting as well.

My issue with the SEC suing Coinbase is that there isn't a framework to allow for cryptocurrency trading in the US. Even though the CEO of Coinbase has asked and petitioned for regulation in D.C. The way I see it, Gary is either pushing forward with the Coinbase lawsuit to force Congress to pass a law to regulate crypto, or end of banning it altogether.

@alainportant6412

Жыл бұрын

Nobody wants your frameworks and regulations. Anything crypto that's being regulated is doomed and going to zero.

@willc1294

Жыл бұрын

A total ban on crypto in the US would be inevitably enforced beyond its borders as a total world ban since US effectively owns and controls the finances of the entire world.

@deeznoots6241

11 ай бұрын

They want the legitimacy that comes with regulation, they don’t want the actual regulation when they discover that their business schemes are universally fraudulent

@altrag

11 ай бұрын

I strongly doubt Congress is going to give two craps about a relatively niche market trading on the value of rumors and precious little else, no matter how much publicity it gets. The SEC already exists, as does the FTC if crypto somehow wins its rather absurd bid to be labeled a "commodity".

@Jinkypigs

11 ай бұрын

It should be banned .. or regulated like gambling

Thanks for this great summary!

You're helping a lot of people man

What does it say about an "industry" that some of it's proponents claim that preventing fraud and scam, will kill the "industry." If safe guards, protections, and justice can even cause "harm" to something, then that thing is called a criminal organization

@xraceboyex

11 ай бұрын

I think people are mad because 70% of stock volume already doesn't go through NYSE, so any credibility the SEC has is nonexistent. At least that's why I'm mad. The TradFi markets are far worse than crypto in terms of fraud. It's kind of funny to me the SEC is pretending to care about fraud when they so obviously don't, at all.

@troodon1096

6 ай бұрын

Amen.

Excellent explanation!

Excellent content thank you

I'm SHOCKED. SHOCKED!

Sounds like SBF had a bit of a revenge on CZ.

How much of the exchange licensing challenge comes from the fact that there doesn't exist any properly registered securities to buy and sell on the exchange? "You can be licensed, but only to traffic in registered securities" doesn't seem like something they'd be able to comply with, unless they can get all of the crypto to register and file audited quarterly reports etc.

With these kind of topics it seems like a competition who puts a video out first, be it the Bagel guy or Patrick Boyle. Horray for Bagel!

Thank you Spicy Beagle

great video

I appreciate the clear breakdown of what we know and what is being alleged. If nothing else, the outcome of these cases should give us more clarity about what is and isn't allowed, legally.

Got to ask: Since the SEC only does civil actions and lawsuits-and I'm not saying the DOJ isn't also doing a parallel criminal action against Binance-how does the SEC action in the U.S. affect Binance global and CZ, which operates largely outside the U.S. and who lives outside the U.S.? I see it can shut Binance U.S.; however, how would that directly affect Binance outside the U.S.-excluding just hurting their reputation?

Coincidentally watching this the day Binance and CZ agree to plead guilty to money laundering

Nice video

Subsidiary not subsidiary

I find it interesting that these lawsuits come out a few days before Sberbank start offering crypto services 🤔

Great video, but need to ask why you pronunce the word "subsidiary" that way.

Thanks for the coverage which personally I think it's a Slippy slope as one mans commodity is another security...

Subsi-Dairy? ;) Just teasing, keep up the great content. :)

@samsonsoturian6013

9 ай бұрын

You're the same crypto scammer with dozens of accounts manipulating the votes, aren't you?

Damn, wild times.

Been waiting for this moment for awhile now

After the Hinman emails, the SEC lacks subject matter jurisdiction over any of the coins being sold on Coinbase and Binance. That is the primary defense of all the exchanges. The only time they have jurisdiction is if the token passes the Howe Test. Since these tokens are decentralized, these tokens do not pass the Howe test.

First Do Kwon,Powell, SBF then CZ n then now Garry good guys for discount 😊

Thanks Richard, I sleep better after watching your videos 😅

A fairly SEC leaning video.

@samsonsoturian6013

9 ай бұрын

There's no debate here. There's the sheriff, there are the fraudsters, there are victims, and there are bystanders. Which one are you, chump?

As someone who is extremely informed on the cryptocurrency ecosystem, I can say this video is an accurate take on the entire situation from every direction. Very impressive work!

Still not gonna use a CBDC.

Would the Canadian exchanges be allowed in the usa? Like, setting aside feelings on whether crypto is "something" or not, i always believe that IF Canada's regulatory process is so strict that we're called a banana republic, why are we letting exchanges operate here if our govt didn't see some kind of utility?

It’s probable the SEC is cracking down on Coinbase as preparation for a larger operation against Binance

If coin base assets are frozen …. Does that mean it’s investors cannot withdraw their money at the moment?

You pronounced “subsidiary” incorrectly. Also, it is 5 syllables, not 4.

how exatly is ADA a security?

Uh oh, funds are not safu

If you take away the ability to convert crypto currencies to USD/Fiat, are they really wortb anything?!?

@phillipsusi1791

11 ай бұрын

They never were worth anything. They are only worth something if you can con an even bigger idiot into buying them tomorrow.

@troodon1096

6 ай бұрын

They already aren't worth anything. They have never been anything other than a "bigger fool" scam.

Choice opening line 😅

Do you have a podcast??

I'm angry they didn't go after them 5 years ago

@xraceboyex

11 ай бұрын

I'm angry that the SEC pretends to care about fraud when 70% of stock volume doesn't even go through NYSE

@samsonsoturian6013

9 ай бұрын

@@xraceboyex That's not even illegal. Banning dark pools is a Congressional matter.

I don't really have a huge opinion one way or another on crypto, but if you're gonna go after them for having an exchange and making sales because it has conflict of interest, then they NEED to go after companies like citadel who have hedge funds and market maker privileges. They are taking everyone's trades and able to see them, set them in dark pools, make their own bets and then let volume through when they want to always come out on top on trades. Like, it's beyond obvious. I don't understand why crypto is suddenly an issue when that exists in our markets as is.

@Redactedlllllllllllll

7 ай бұрын

Many unfair things happen but until it effects us we don't care, but it's always the same assholes at the top perpetrating it.

Wonder what is going through CZ mind when he blew FTX up. Did he think that his own Binance firm would not be put under the same scrutiny after blowing up his rival?

@mechafairy2252

11 ай бұрын

Talk about a powder keg trail

Nice

Subsidiary is a five syllable word: suhb-sid-ee-er-ee It’s not “subsidary”.

Well, better move all assets to cold storage. Looks like coinbase is going to get kicked out of the US circa 2019 Binance

Wait did the SEC actually tweet that?

What is causing the SEC to not include Gemini?

@nielsbishere

Жыл бұрын

Paid off the right people

@rogergeyer9851

Жыл бұрын

Clearly they don't have to sue every outfit the same day (as already shown). Several others would well get sued in coming days or weeks.

@the_expidition427

Жыл бұрын

@@nielsbishere The Winklevoss twins know how to play this game

Okay, so I'm glad to be informed. The important takeaway is that this is not on the same level as the FTX situation, no fraud is occurring, nothing to call a scandal. Instead, the inevitable, once and for all we find out if these things are securities or not, and whether SEC rules apply to them. I'm glad I have somebody who knows this stuff, so I don't have to. I toast my bagel to you, once again.

@creepersonspeed5490

11 ай бұрын

Well if they are the answer seems pretty obvious to me

it's supposed to be a currency, right? wouldn't crypto be regulated the same as Forex exchanges?

@benjaminfranklin329

Жыл бұрын

Recommend you read about the Howey test on investopedia and why at least some crypto is considered an investment.

@Redactedlllllllllllll

7 ай бұрын

​​@@benjaminfranklin329if you're buying and hoping the line goes up, that's speculation, gambling, which is what most crypto buyers are doing.

Who decides what is a security or not? Like is Lego, land, Pokémon cards, retro video games are all securities because they all have missions of American using them as investments?

I'm not sure what people expected. Even if the SEC couldn't go after them, the US Government would just make something that could. Instead of the Securities And Exchange Commission, we'd have something like the Electronic Market Commission. It's the government. It's how it operates. And the second option always seems to be worse in the end.

@user-xl5kd6il6c

Жыл бұрын

Suing for being "unregulated" when no regulation is possible is a move of totalitarian states

Just thinking of cryptos and a wallets . What’s going to happen

Why ware the only options securities or commodities, arm’t cryptocurrencies currencies? Is Coinbase allowed to exchange dollars and Euros?

@eldersprig

Жыл бұрын

currency? nope, collectables. Yeah, they're baseball cards.

@thefance4708

11 ай бұрын

@@eldersprig bifurcation. two things can be true simultaneously.

If setting up regulations to prevent scams will “hurt the industry” then I think that says a lot about the industry… I mean, regulations also hurt the Ponzi and Pyramid scheme industries too…..

@Nillohmix

Жыл бұрын

Every regulation intended to limit freedom of speech and privacy is justified because "we need to protect the children", politicians with ill second intents will always pretend to be doing something good; regulations can be good or bad, regulations can be fair or written implicitly to protect the incumbents' interests. Gary Gensler is not a good actor, check out his courses from when he was teaching, he was being pretty clear that finance for him was for the most part rent seeking because he was able to extract resources from all the other professions; he is now trying to find himself a new position in politics pleasing Elizabeth Warren and the current administration.

@1st_edition

Жыл бұрын

What an ignorant comment, bitcoin is the most regulated asset in the world. It's regulated by immutable code.

@Iudicatio

Жыл бұрын

​@@1st_edition You must be a troll lmao

@user-xl5kd6il6c

Жыл бұрын

what "regulations" though What the SEC is talking about is regulations that would make all cryptocurrencies illegal, they have been saying it for years

@alliu6562

11 ай бұрын

@@1st_edition lmao I love sarcasm it’s the best type of internet humor

The day after the sec did this was the day Coinbase Robinhood and the CTFC were goin to testify against the sec over lack of regulations

I'm down like 10k $ as a result of this, my Cardano bags are hurting :(

@willc1294

Жыл бұрын

Gary sends his regards and a wink & laughing emoji...

I’m compiling and picking stocks that I’d love to hold on to for a few years before retirement, do you think these stocks would do better over the years? I’d love to retire with at least $2million savings. Now you gotta rely on a pretty good diversification if you must stay green. Currently up 31% and being cautious. Still better deal than letting it sit in savings or checking earning near 5% interest

I firmly belvive there is only one truth. We as a Country have full information on streams of valuable goods. AND We as a Country need to FUCKING TAX everything! We do not have to save people, or cooperations but we NEED the MONEY. As someone with a less than 1% worth cryptocurrency i firmly belive a state cannot create wealth but it can tax what is there.

Belief they are an unlicensed exchange does not make them one. I would argue cryptocurrencies are scrip not securities. Effectively, they are commodities.

@altrag

11 ай бұрын

I'm not sure that's what you really want. Instead of the SEC you get the FTC stepping in. And probably the CFPB as well. I don't imagine they'd be particularly keen on the wild dealings that tends to mark crypto trades. But the biggest stumbling block is probably the fact that crypto is listed on stock tracker websites right beside the legitimate exchanges. If it walks like a duck and quacks like a duck..

@headlibrarian1996

11 ай бұрын

@@altrag So are dollars and yen, but those clearly aren’t securities.

@altrag

11 ай бұрын

@@headlibrarian1996 Yes they are. They're just investments in a nation rather than in a company. Not _quite_ the same to be sure, as we can trade dollars for bananas in a way we can't do with shares in Halliburton, but fiat currencies are definitely not "commodities".

@headlibrarian1996

11 ай бұрын

@@altrag They are according to the SEC and FTC. In particular, currencies do not earn profits, just like oil and soybeans, which is a key part of the Federal definition of “security”. They do change prices, which can be profitable, but that is not the same thing.

The word "security" to classify a crypto coin sounds like a joke

Something you've should mention is how the SEC is regulating by suing people instead of well, writing regulations This can be showcased in the hearing with gensler and US congress members where he didn't even answer if eth was a security or not

@anivicuno9473

Жыл бұрын

Right, because selling ETH was the problem. ETH could be completely above board (a huge stretch), and coinbase is still selling illegal securities like XRP or any number of tokens that pass the howey test for a security. This isn't even getting into whether or not all crypto is a ponzi scheme since crypto is by its very nature a negative sum game (in contrast with stocks and funds).

@alvaromachado1388

Жыл бұрын

@Anivicuno then why didn't the SEC come out and just say that?, and might as well ban crypto while their at it Why bother telling companies to "come and register"? Why hasn't gensler publicly explained what's the process is?, rather than take enforcement actions and let people figure it out after someone is sued No matter if you're pro or against. The way the SEC is currently behaving is a joke that doesn't help anyone

@anivicuno9473

Жыл бұрын

​@@alvaromachado1388 But the SEC told coinbase repeatedly to stop selling tokens that were securities, and also that their earn and stake programs constituted securities. The fact that coinbase didn't like that clairty doesn't meam they didn't get told that.

@alvaromachado1388

Жыл бұрын

@Anivicuno the SEC hasn't explained what constitutes a security in the crypto space and Gensler has contradicted himself in various congress hearings where sometimes he quotes the Howey test and some other times he say "oh this doesn't fit clearly with the test but we have other criteria" and never clarifies what those other criteria are Brian Armstrong has shown how many times they've asked clear guidance, and the SEC just feigns ignorance to the point they're currently suing the SEC for lack of clarity It's impossible for coinbase to "stop selling securities" if they learn what is and isn't a security according to the SEC in court

@alvaromachado1388

Жыл бұрын

@Anivicuno also in the S-1 Filing coinbase describes their stake program Why did the SEC approve the COIN stock if it was a clear violation of security regulations?

I feel I am overly trusting. I want to believe that there is a dig picture here a ND something important at hand.but that just isn't likely. Better options were out there. Even if planned going in blind nobody would have picked me for this role.i have so much going on in my life and so little knowledge. I am no quitter I am going to continue but still am blind. If u had a goal to astablish a company direction would have been simple. I'm out of trust and still so angry

With too many scam and bankruptcy in crypto industries, i support SEC to clean up this mess.

the sec is just clearing out the competition before the government puts out its own cbdc.

An acceleration in further downfall for crypto seems imminent. Key players are now really coming under legal scrutiny (Coinbase and Binance), which is bad news for them. Because legally they have little to no footing. Especially Binance is shaping up to look like even more of a mess than FTX. Given Coinbase is the cashier’s desk and Binance is where most trading is taking place, this is huge. And I expect the SEC to go after Tether as well. By now, this market is mostly smoke and mirrors anyway. The actual trading is quite thin.

Electric guitar riffs are definitely the epitome of evil

It's amazing other countries have figured out crypto regulations, but the USA can't.

@drgrey7026

Жыл бұрын

Have they?

@ZacJ

Жыл бұрын

@@drgrey7026 Would be a good topic for a video, but yes. Canada taxes it as capital gains.

@drgrey7026

Жыл бұрын

@@ZacJ I mean yeah so do we that's definitely not the hard thing to figure out with crypto.

@ZacJ

Жыл бұрын

@@drgrey7026 well, go on, tell the class what is...

@drgrey7026

Жыл бұрын

@@ZacJ where do I begin, defi by its very foundation often seeks to avoid regulation, while most chains don't include privacy measures on chain, mixers and other 3rd party services have made crypto a invariable revolution in money laundering and online crime. They don't have the safety measures or consumer protections involved with centralized banking so inexperienced users don't have avenues to recover their money after being scammed. I mean I can't possibly list all of them here (I didn't even get to the main ones) but what category of taxes it should be in was a fairly simple problem capital gains tax can apply to any appreciation from stock and bonds to Pokémon cards, especially since crypto is asset fairly easy to appraise that part was pretty easy, now there are other problems with taxing crypto but those are outside of the scope of a yt comment.

Anyone thinking that the SEC is doing something especially dodgy here, regarding approving the Binance IPO and then the lawsuit doesn't understand what the words "Chevron deference" mean and also probably haven't been following the ATF. It is entirely legal for the SEC to interpre the law one way one year and then the complete opposite way the next. Having said that, if half the community talking about a specific coin are using the phrases "to the moon" and "have fun being poor" then I think it's going to be on shaky ground to say they're not going to be classified a security under Howey. As the saying goes... "What you say can and will be used against you".

One of few people on money totally trust.

I fully expect this comment to be loudly booed and downvoted, since people seem to not like any kind of critique or criticism. That's fine. Every time The Plain Bagel says the word "subsidiary" he misses the middle syllable. He pronounces it with four syllables as "sub-sid-AIR-ee" (see 1:57 for example). It's actually pronounced with five syllables as "sub-sid-EE-er-ee". It's not a British or Canadian English versus American English thing. It's just a straight mispronunciation. The crowd can commence their booing and hissing now.

SEC being one of the government branches, only goes after companies that politicians are not making money off of. Many hedge funds have illegally been manipulating markets for decades but because majority of politicians use hedge funds, they don't go after them.

@lordlee6473

11 ай бұрын

You do have a point. But not all hedge funds make money.

@trisbane4086

11 ай бұрын

Bingo. The only reason the government is meddling is to get a piece of the pie.

@komaru20

11 ай бұрын

@@lordlee6473 I know. That's why I said "Many" not "All". I'm sure there are plenty of smaller hedge funds that get wiped out.

@komaru20

11 ай бұрын

@@trisbane4086 Yup. That's why these cockroaches are so eager to become politicians.

@phillipsusi1791

11 ай бұрын

If you have any evidence that they have been illegally manipulating markets, then produce it and I'm sure they will be taken to task. Otherwise, you're just blowing smoke.

How is it that Dark Pools, Naked Shorts and FTDs are ignored yet crypto exchanges are prosecuted?

@tkraid2575

11 ай бұрын

It's the classic set a patsy to cover up your crimes 😂

It seems pretty silly to punish someone for something they could not have remedied in the first place? But then you said robinhood is registered but no longer does cryptocurrencies under that regulated entity so why was that done?

What perplexes me is why Coinbase can't simply adhere to regulations like other U.S. cryptocurrency exchanges. Many other exchanges in the United States manage to operate within the bounds of the law. Is Coinbase concealing something fishy? 👀

Guys don't worry none of us have enough money in crypto to actually matter to them