The SEC will do anything they can to try to take over the regulation of crypto in America. However, they’re falling short, and that’s already been proven. But right now it seems like they’re grabbing for straws by going against the most regulated exchange in the crypto space: Coinbase. Today, I will tell you why Gary Gensler comes up short in more ways than one.
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0:00 Intro
0:28 Brian Armstrong on Coinbase
2:32 Coinbase Sold
3:15 Coinbase in Brazil
4:07 Coinbase Stumbles
5:32 SEC Enforcement
9:25 Attention Brian Armstrong
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Sources:
https://cryptoslate.com/coinbase-insiders-sold-7-4m-stocks-in-the-last-30-days/
https://cointelegraph.com/news/coinbase-ceo-calls-for-action-in-electing-pro-crypto-lawmakers-following-sec-wells-notice
https://dailyhodl.com/2023/03/22/6-ethereum-altcoins-targeted-by-sec-ahead-of-coinbase-wells-notice/
https://cryptoslate.com/secs-coinbase-enforcement-action-deemed-a-power-play-by-crypto-community/
https://www.coindesk.com/business/2023/03/23/crypto-exchange-coinbase-shares-tumble-16-after-sec-enforcement-notice/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
https://ambcrypto.com/cathie-woods-ark-buys-coinbase-shares-worth-17-8-million/
https://www.theblock.co/post/222412/coinbase-regulation-brazil-us?utm_source=cryptopanic&utm_medium=rss
https://decrypt.co/124168/white-house-president-economic-report-digital-crypto-assets-report
https://twitter.com/iampaulgrewal
https://dailyhodl.com/2023/03/24/u-s-sec-continues-broadside-against-digital-asset-market-issues-investor-alert-about-crypto-asset-securities/
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The SEC will do anything they can to try To take over the regulation of crypto in America however they're falling short And that's already been proven but right Now seems like they're grabbing for Straws by going against the most Regulated Exchange in the crypto space Coinbase Today we're going to tell you why Gary Ginsler comes up short And more ways than one let's get it Crypto my name is Ben today we're gonna Be talking about coinbase and where Gary Ginsler comes up sure all right let's do This first guys first thing we're going To do of course this story SEC saying They're going after coinbase we don't Actually know what the enforcement Action is yet but let's listen to Brian Armstrong discussing what's going on and Over the last um you know actually the Last 10 or 11 years of the company you Know coinbase has always taken a very Compliance first approach we've reached Out correctly to Regulators we've tried To be the ones who show up and put on The suit and you know integrate the Traditional Financial system into the Crypto economy because we want to be we Want there to be a bridge between Fiat And crypto we've done that really well Um in many many places around the world We have licenses we even in the US you Know at the federal level we have uh
Licensed by the cftc and we have a bit License and all the state Regulators in The US and so I think we've gotten Pretty good at this the point here is Coinbase is always played by the rules But the problem is they've been asking The SEC for the rules and they have not Given them uh we're gonna tell you what Gary ginsler's entire plan is by the end Of this video and it's going to make Total sense We asked the SEC for reasonable crypto Rules for Americans we got legal threats Instead specifically the SEC asks us to Provide our views on what a registration Path for coinbase could look like Because there is no existing way for a Crypto exchange to register that's on Gary ginsler we developed and proposed Two different registration models we Spent millions of dollars on legal Support to build these proposals and Repeatedly asked for sec's feedback we Got none we met with the SEC more than 30 times over nine months but we were Doing all of the talking so what Coinbase received this week is a Wells Notice a Wells notice is the way that The SEC staff tells a company that They're recommending that the SEC take Enforcement action for possible Violations of security thoughts it's not A formal charge or lawsuit but it can Lead to one rest assured coinbase
Products Services continue to operate as Usual today's news does not require any Changes to our current products or Services so the one that's short of it Is what's going on here is coinbase been Told they're going to get an action and We don't know what the action is yet Coinbase insiders sold 7.4 million Dollars worth of stocks in the last 30 Days now this certainly isn't to accuse Coinbase of insider trading however Why would they be selling this many Stocks this much money in stocks in a Bull run when the money seems to be Going up we're at least in a mini bull Run I mean we've gone from 15 000 almost To 30. prices up almost 100 this year When you look at that you say why are They selling well does coinbase lack the Confidence that their stock is going to Continue to go up even if crypto prices Go up because of now suppression on the Stock market from an SEC action Something we've not seen yet we also Have this coinbase tapping into Innovation friendly Brazil amid us Regulatory Crackdown well this is Interesting for many reasons number one It's interesting because coinbase wants To go to Brazil showing that they want To step out of just the United States They're in a few other countries as well But they're turning to Brazil because There's a lot of unbanked people there
There's a lot of people that are very Interested in crypto the other aspect of This is you know Brazil is now included In what is known as bricks which is Brazil Russia India What's the C stand for I can't remember What the C stands for and I think Saudi Arabia as well sees for China duh They're looking at forming their own Dual economy that settles things in the Digital Yuan like oil instead of nus Dollars and how coinbase is going to dip Into one of those countries very Interesting just something to consider Crypto exchange coinbase shares tumble 16 after SEC enforcement notice of Course we've seen this before we told You Do they have the confidence that this Price is ever going to go up well let's Take a look and see coin stock slumped As much as 20 in early train Thursday Before pairing some of the losses out of The crypto exchanges go to the US has Given them a weld notice Wellness don't Always lead to enforcement actions Coinbase has until March 29th to advise The SEC whether it intends to rebut the Agency's findings of course they're Going to rebut it because nobody Understands what the SEC is talking About so what happens next we Avail Ourselves with the court system to
Finally start to get some clarity for The crypto industry in the U.S Ironically establishing some case law May be our best shot of getting the Regulatory Clarity that the industry Deserves hey Paul it's already in we've Already got it it's called The Library Case the library case the lrc token was Considered to be a security at the token Sale But not on the secondary Market what you Have to understand here is Gary Kinsler Is not trying to regulate existing Tradable cryptos There's already precedent the no Gary You don't own those in fact we're going To do a video here soon that's going to Show you just how many crypto projects Have already been looked over by the SEC And did not get enforcement actions for Where there are tradable tokens on the Secondary Market become Securities it's Never happened we have not seen that Um we also have this as these coinbase Enforcement action deemed a power play By the crypto community of course that's Exactly what's going on let me tell you Exactly what the SEC is doing Gary Ginsler knows at the end of the day and I had a tweet about this the other day On twitter.com my favorite place to Tweet that what gergenzer wants is to Regulate all of crypto What's he gonna get
He's going to be able to have Enforcement actions on token sales and Probably staking contracts probably Staking on centralized exchanges are Going to end up under the SEC that's it It's a power play he's trying to grab Everything so he might be able to keep a Few tiny things that is his entire move In the world of crypto now Gary gunzar Isn't the only one coming after crypto We of course have this president's Economic report blast crypto for Ignorance of basic economic principles Hello Joe Biden your entire banking System is a Ponzi scheme get out of my Face Tell your puppet master to remove you From my face the White House today Poured cold water on crypto accentuating The negative aspects of digital assets On a 513 page report blockchain Technology has fueled the rise of Financially Innovative digital assets That have proven to be highly volatile And subject to fraud let's go look at The banking systems history on fraud Well why don't we do that Joe in Addition to decentralized custody and Control of money it's been argued that Crypto assets May provide other benefits Such as improving payments yada yada Yada so far assets have brought none of These benefits Uh you guys know that they they believe
Back in the early 90s that all of your Shopping was going to be done online And some people said nah nah that'll Never happen never happen Welcome to 2023 folks where we're at With blockchain And crypto is the point where still Some people are writing articles about How there's no benefit and no use case And it doesn't work These are the future people we will look Back at and laugh as complete idiots Just like the guy that wrote The Time Magazine article about no one will use E-commerce he said people have a need to Go inside stores That's what archaic thinking gets you Indeed crypto assets today does not Appear to offer Investments with value Their innovation has been mostly about Creating artificial scarcity that's Weird because crypto has real scarcity Your money has no scarcity they just Print more of it all the time we have This of course this was written by the SEC Uh exercise caution with crypto asset Securities remember they can't attack Crypto itself because what they have to Do is attack the investor and make you Feel like you're an idiot for investing In crypto without having to ban it or Make it Um unlawful now if you take this note
From the SEC here and you take into Consideration Gary gensor's plan that I Told you a moment ago would you really Start to see Is that they are scrambling right now How much time and effort they're putting Into this they know their timer is on They know the timer the countdown is on The next Bull Run brings complete Acceptance of crypto the United States It's going to happen once again actually Does his job And creates regulation which Congress Should really do kit garions were out Then we will see where all this is going U.S SEC continues broadside against Digital asset Market issues investor Alert about crypto asset Securities Um says they have significant risk and Could vanish entirely the SEC that's Crypto asset service providers like Exchange could be in violation of Federal Securities laws faults false Faults they're not uh regular also says Platforms involved in lending or staking Crypto assets can be subject to security Laws additionally SEC warns investors Not to trust proof of Reserve statements Published by crypto companies They're doing as good as they can right Now I mean it they really have to Publish all their liabilities True to see the whole picture but we're At least making progress that's what I
Would say now here's Brian Armstrong I Just I've got to kind of call Brian out Here Uncle Brian coinbase CEO calls her Action electing Pro crypto lawmakers Following SEC Wells news let me tell you I always said to me coinbase has built a Castle with a moat around it they are The most regulated the most recognized Crypto company in all the space in the United States of America And yet They continue to wall off everybody that Wants to work with them coinbase you Don't have to do all this regulation Alone we're working on regulation Blockchain Association is working on Regulation there's plenty of people out There coin Center that's working on Regulation and trying to push things Forward okay front Quit trying to do this alone How about you come on the Vegas crypto Channel in the United States it may make A statement about whether we're on the Same page or not with all this as long As coinbase continues to stand behind a Wall stand behind a moat around their Castle They're not going to get any help and They're not going to get any sympathy That's all God be blessed [Music]
