So you're seeing this kind of game of chess between regulators and the cryptos. But, in the same voice, they're saying, if you do want to regulate us, at least put out a blueprint for us. So I think that's a - it's actually on brand for the crypto companies to say, you don't quite understand us. It's wherever I'm putting up my laptop at my table. Are we an ephemeral asset? Do we even exist? It - in the case of the action you saw yesterday, the mysterious CEO says, I don't even have a headquarters. If it's not a commodity, it's kind of a meaning of life question. And what is a token? What is one of these non-Bitcoin things? I mean, we're supposed to be deregulated. But Coinbase's offering here, it's saying that, if you regulate us such as this, it's going to kill the whole thing. They roughly rhyme with what exchanges and wire houses do, the likes of Goldman Sachs and Schwab and others. 1 However, U.S.-based users must use Binance’s U.S. You have to opt into that are getting things on margin. Both are on the top 10 list of largest exchanges by trading volume, with Kraken reaching third place and Binance in first. In these various gray areas, such as staking, I mean, where you really have to read the fine print and the legend, it's like lending out stocks if you're part of a - a client of a brokerage firm. We stopped using Binance on our website and they got upset with us saying that.
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The Wild West aspects are, I mean, truly the most profitable elements, if - I think if you look at the revenue model for Coinbase.Īnd it's had a pretty harsh two years. Download Binance: Buy Bitcoin & Crypto and enjoy it on your iPhone, iPad. And I think between what happened yesterday and the announcement today, I think it's that the SEC is finally putting regulatory contours around this.
You kind of want to exist in this gray area, in this Wild, Wild West, if you will. They should be accompanied by offering statements, disclosures, various strings attached to the SEC.Īnd, clearly, that's anathema to the crypto world. But here you have the SEC chair coming in and saying, actually, these should be regulated securities. Roben Farzad, Host, "Full Disclosure": Coinbase was operating as an exchange, something that has been regulated, in fact, intensely for the better part of 90 years.Īnd if they want to do things, if they want to say, we operate outside the system, that's a world that they would like to occupy. In the simplest of terms, please explain why the SEC is suing Coinbase and what it alleges. In its most recent suit, the SEC is accusing Coinbase of breaking federal law by acting as an exchange broker and clearing agency without being registered as any of them.įor more on the crisis in crypto, I'm joined by Roben Farzad, host of public radio's "Full Disclosure." Geoff, these are big players in the crypto world.
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