[HN Gopher] Coinbase issued Wells notice by SEC
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       Coinbase issued Wells notice by SEC
        
       Author : Krontab
       Score  : 48 points
       Date   : 2023-03-22 22:04 UTC (56 minutes ago)
        
 (HTM) web link (www.reuters.com)
 (TXT) w3m dump (www.reuters.com)
        
       | miohtama wrote:
       | Here are comments from the Coinbase CEO
       | https://mobile.twitter.com/brian_armstrong/status/1638654192...
       | 
       | Here are comments from the Coinbase legal
       | https://mobile.twitter.com/iampaulgrewal/status/163866003232...
       | 
       | Here is some commentary on Bloomberg https://archive.ph/tXiOm
       | 
       | Here are some earlier comments from Mr Gensler: "Come in and talk
       | to us" https://cointelegraph.com/news/sec-chair-doubles-down-
       | tells-...
        
         | est31 wrote:
         | Other thread: https://news.ycombinator.com/item?id=35267407
        
       | paulpauper wrote:
       | wow..down 20% today (8% +12 AH)
       | 
       | It's like as if it was not bad enough already, things just keep
       | getting worse. Silvergate, First Republic, Signature, and so on.
       | 
       | BTC breaking $29k, which was the long-standing support, in June
       | 2022 was the first domino to fall. After that, things just kept
       | going downhill. Many firms, individuals had leveraged positions
       | that were dependent on $29k support holding. When it broke, all
       | hell broke loose. 3AC was the first to fall. Then others
       | followed, like FTX.
        
         | miohtama wrote:
         | Only that it's banks falling this time. Damn crypto, ruining
         | American economy.
        
       | brrrrrm wrote:
       | > be tied to aspects of the company's ... Coinbase Earn
       | 
       | "Commodity linked securities are investment instruments or
       | securities that are linked to one or more commodity prices.
       | Unlike commodities, which provide no income to the owner,
       | commodity linked securities usually give some payout to
       | holders."[1]
       | 
       | [1]
       | https://corporatefinanceinstitute.com/resources/commodities/...
        
       | tzm wrote:
       | > "We asked the SEC specifically to identify which assets on our
       | platforms they believe may be securities, and they declined to do
       | so."
       | 
       | Sums up the case quite well.
        
       | [deleted]
        
       | justinzollars wrote:
       | The SEC should be disbanded.
        
       | vyrotek wrote:
       | Interesting coincidence. From yesterday:
       | 
       | "Cathie Wood of ARKK sold 160,887 shares of Coinbase, COIN,
       | today."
       | 
       | https://twitter.com/unusual_whales/status/163833492762331136...
        
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       (page generated 2023-03-22 23:00 UTC)