The Chief Executive Officer of Coinbase, Brian Armstrong, has called on the crypto community to back politicians who are in favor of cryptocurrencies. Armstrong believes
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Looks like Coinbase actually putting effort forth in good faith to help better regulate crypto exchanges, but SEC isn’t returning the favor.
“We’ve tried, and there’s just no way to do it,” Coinbase chief policy officer Faryar Shirzad told Yahoo Finance in an interview. “In fact, we submitted a petition with the SEC back in June, where we enumerated the specific issues that the agency would have to resolve for crypto platforms to be able to come in and register.”
There’s never a straight answer from the SEC yet.
Coinbase was naive in the first decade in the same way that Microsoft was. They were not nearly aggressive enough with lobbyist and DC kickbacks. The real way to get SEC approval is to start hiring all the retired SEC regulators with do nothing jobs at exorbitant salaries. That way current SEC regulators will be much more responsive realizing that they can “retire” to Coinbase some day.
This is how most every bureaucracy in DC operates. They will never get anything done by doing what the letter of the law or regulation says, since, as they have figured out, there is no way to do it without inside influence.
I feel a bit bad for Coinbase, they seem to be ones trying the hardest to get in line with compliance but rules are so unclear and murky they just aren’t able to
That’s because the SEC doesn’t even know what they want and they are making it up at they go along.
The SEC is making up the rules of the game as it goes.
Always contradictory catch 22’s with the SEC concerning all things crypto.
SEC, let’s start back at the beginning; crypto ≠ stocks!
SEC is a joke. Stalling for years and now orchestrating this shitshow. I hope they rot.
We have to shrink government to a manageable size.
Is that why my COIN is pumping?
I will give Coinbase a secret tip to solve all this problem. Just make a “donation” to the SEC in Monero.
I feel like the SEC doesn’t know what it’s doing.
Coinbase CEO accumulating Ws
The SEC won’t let me be, or let me be me, fuck the SEC
It is for similar reasons I think ripple will win against SEC
I think Coinbase is really the best leader in the industry. Compliance at the forefront of everything they do.
Cause the SEC speaks their own language let me translate.
Crypto = Security
Register = Lawsuit with a fat fine
Fuck the SEC. They have enough BS to sort first and they aren’t even able to do that in a meaningful way…let alone act as a regulator for Bitcoin & crypto at all.
We need an entirely new independent agency exclusively tasked with crypto and Bitcoin exchanges and institutional compliance…and nothing more or less. Small limited government my ass.
CB is gonna come out strong after the regulations
“We’ve tried, and there’s just no way to do it,” Coinbase chief policy officer Faryar Shirzad told Yahoo Finance in an interview. “In fact, we submitted a petition with the SEC back in June, where we enumerated the specific issues that the agency would have to resolve for crypto platforms to be able to come in and register.”
This is all kinds of messed up.
That has always been the SEC’s approach; scream crypto is an unregistered security but not offer any way to actually become compliant. A round-about way to ban it without coming out and saying its banned
This is why some government agencies are nothing but a joke. Just another branch of government where people do nothing besides steal taxpayer money.
Did you try… paying millions in political donations? This usually helps. 
This is just my observations and opinion but it almost seems like the SEC is intentionally vague with communicating clearly so that exchanges are left to navigate blindly and then when the haunches of the SEC are raised for whatever reason be it, they play the “your not within regulation” or “time to register” game but don’t give any instructions, I may be perceiving it wrong and I invite any to conversation on it 🙂 Happy St. Patrick’s day everyone!
Coinbase’s Chief Policy Officer Shirzad says that despite filing a list of questions asking how to register with the Commission, the SEC hasn’t responded to its inquiries.
They’re either too lazy or don’t have clarity about how to proceed. I’m guessing it’s the latter 🤷♂️
Obligatory fuck the SEC
tldr; Coinbase’s CEO Faryar Shirzad has said there’s no path to registering with the Securities & Exchange Commission. “We’ve tried, and there’s just no way to do it,” he told Yahoo Finance. He added that the SEC hasn’t responded to its inquiries about how to register with the agency.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today’s trending news [here](https://coinfeeds.substack.com).*
The sec doesn’t even know what it’s own rules are
Coinbase has consistently done everything possible to comply with every law and regulation of where it operates.
But that is difficult to do when regulations aren’t 100% clear and regulators themselves can’t agree on the right way to do things (which is precisely the case between multiple regulatory agencies competing to regulate crypto in the U.S.).
And that’s why the courts are going to rule against the SEC more and more. They’ve made it impossible to be in compliance.
Coinbase has a very bright future. They’ve been handling the bear market very professionally
So Coinbase wants to follow the rules but can´t because there are always issues with the rules of the SEC?
Call Gary on his cell phone and shoot him 100k of Monero and he will register you.
SEC is all smokes but no bites. Calling for firms to come to compliance but doesn’t provide a platform for them to do it.
The obvious solution is for Coinbase to expect fines and price them in. That is far more doable than expecting the government to act responsibly. Unelected government bureaucracy have no incentive to act in the interest of citizens or businesses, and have every incentive not to. This is what we call “deep state”
I don’t think that’s correct. I suspect the issue is that right now, the SEC wants them to register all cryptos as securities. Full stop. The problem is that most cryptos look an awful lot like securities. If you’re just sitting on a crypto for the profit, and it has no practical application, how is it not a security? Being transferable is not sufficient.
Coinbase has been trying to avoid this for years and tries to avoid listing cryptos that are purely speculative. That’s part of the actual reason for the “learn and earn.” Notice how there’s a quiz about how it can be used? Cryptos are less likely to be classified as securities if they have practical application, rather than being purely speculative instruments.
Ethereum is the major crypto that’s likely to avoid that classification. The issue is that right now, I’m not sure that Bitcoin can avoid it, and that could be a real problem.
Coinbase is the most legit exchange…at the moment
They really didn’t look or try too hard when they listed ICP, jasmy and other garbage
Crypto space needs radical freedom
Love it! This is the best news this week
LCX for the win
Way to stand up to those fuckers
Need to revoke Gensler permissions
Plot twist that noone saw coming; they don’t want to regulate crypto, they want to kill it.