“I think my securities far outweigh my insecurities. I am not nearly as afraid of myself and my imagination as I used to be.” – Billy Connolly I woke up this morning to an incredible spectacle on Twitter. Just when I thought I’d seen it all – and trust me, I’ve seen
Back during the peak of the GME saga, I talked to a veteran at a fund of funds, who (privately) explained the issues around T-2 settlement, DTC et al around the same time most of the folks at Robinhood themselves figured it out. Even if they had the collateral, everything Robinhood did at at the time was to stay in regulatory compliance. $HOOD had more than enough sense to stay within line of these rules, even to the detriment of its public reputation.
His conclusion: "Fintech as a sector is about to get f***ed." That timeline is probably measured in years. I think we're seeing the first stages of that. $COIN is playing a game with only one outcome.
"On September 1, 2021, Coinbase, Inc. (“Coinbase”), a wholly-owned subsidiary of Coinbase Global, Inc., received a “Wells Notice” from the Staff (“Staff”) of the Securities and Exchange Commission (“SEC”) stating that the Staff has advised Coinbase that it made a “preliminary determination” to recommend that the SEC file an enforcement action against Coinbase alleging violation of Sections 5(a) and 5(c) of the Securities Act of 1933, as amended (the “Securities Act”), relating to Coinbase’s Lend program which was announced on June 29, 2021 and which is open for pre-enrollment but has not yet been launched. The recommended action may involve a civil injunctive action and may seek other remedies. Brian Armstrong made a series of tweets which can be found on his Twitter feed (@brian_armstrong). For more information relating to Coinbase’s Lend program, see https://www.coinbase.com/lend."
So assuming Coinbase aren't dumb enough to lie on an 8-K, this is pretty strong evidence the Wells notice is about Coinbase Lend. or "relating to" it.
Great summary of what's going on. There will be significant momentum from crypto proponents crafting a narrative accusing the SEC of being unfair and against technology. Ultimately the Coinbase strategy as "unfair victim" might end up forcing the government to investigate and expose a lot of the issues around crypto: Tether/Circle, wash trades, lack of any true of effective decentralization/privacy, etc. The biggest takeaway however is why Coinbase didnt hire this chicken for an advisory role or board seat. Would have saved them a lot of trouble!
I don't know anymore. I think I'll just stash my money under my mattress. I can't trust stablecoins if we get stuff like this every other week.
Is Lend (the crypto lending program) similar to Gemini has with Gemini Earn?
This happen when you let CEO like Musk get away with anything , why other CEO shouldn't try to emulate him if pays off?
Back during the peak of the GME saga, I talked to a veteran at a fund of funds, who (privately) explained the issues around T-2 settlement, DTC et al around the same time most of the folks at Robinhood themselves figured it out. Even if they had the collateral, everything Robinhood did at at the time was to stay in regulatory compliance. $HOOD had more than enough sense to stay within line of these rules, even to the detriment of its public reputation.
His conclusion: "Fintech as a sector is about to get f***ed." That timeline is probably measured in years. I think we're seeing the first stages of that. $COIN is playing a game with only one outcome.
Really laughed at the Elon Musk comment/note :)
I hate crypto
Coinbase just filed an 8-K saying it was about Coinbase Lend:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001679788/000167978821000048/coin-20210901.htm
"On September 1, 2021, Coinbase, Inc. (“Coinbase”), a wholly-owned subsidiary of Coinbase Global, Inc., received a “Wells Notice” from the Staff (“Staff”) of the Securities and Exchange Commission (“SEC”) stating that the Staff has advised Coinbase that it made a “preliminary determination” to recommend that the SEC file an enforcement action against Coinbase alleging violation of Sections 5(a) and 5(c) of the Securities Act of 1933, as amended (the “Securities Act”), relating to Coinbase’s Lend program which was announced on June 29, 2021 and which is open for pre-enrollment but has not yet been launched. The recommended action may involve a civil injunctive action and may seek other remedies. Brian Armstrong made a series of tweets which can be found on his Twitter feed (@brian_armstrong). For more information relating to Coinbase’s Lend program, see https://www.coinbase.com/lend."
So assuming Coinbase aren't dumb enough to lie on an 8-K, this is pretty strong evidence the Wells notice is about Coinbase Lend. or "relating to" it.
Great summary of what's going on. There will be significant momentum from crypto proponents crafting a narrative accusing the SEC of being unfair and against technology. Ultimately the Coinbase strategy as "unfair victim" might end up forcing the government to investigate and expose a lot of the issues around crypto: Tether/Circle, wash trades, lack of any true of effective decentralization/privacy, etc. The biggest takeaway however is why Coinbase didnt hire this chicken for an advisory role or board seat. Would have saved them a lot of trouble!