[2023-06-06] CNBC: Bitcoin rallies above $27,000 after SEC sues Coinbase ...

[pawel7777]

Looks like the market just stopped giving a damn about SEC's actions. They sued Coinbase today but the price rebounded to $27k.
Link below includes a short video interview with Gary Gensler.

Bitcoin rallies above $27,000 after SEC sues Coinbase, alleging its an unregistered broker

https://www.cnbc.com/2023/06/06/bitcoin-is-little-changed-after-sec-sues-coinbase-.html

Cryptocurrency prices rose Tuesday after the Securities and Exchange Commission sued crypto services provider Coinbase.

Bitcoin climbed 6.3% to $27,155.16, according to Coin Metrics, recovering its losses from the previous day after the SEC sued Binance. Earlier, it fell as low as $25,368.57, its lowest level since March. Ether gained nearly 5% to trade at $1,896.19.

On Tuesday, the SEC filed a lawsuit in New York federal court alleging that Coinbase has been acting as an unregistered broker and exchange. The agency demanded that the company be “permanently restrained and enjoined” from continuing to do so.

“If there’s a real value in these crypto tokens then compliance will build trust and the business model might change,” SEC Chair Gary Gensler said in an interview Tuesday with CNBC’s “Squawk on the Street.” “What we’re doing at the SEC is pro-innovation because the capital markets really don’t work.”

“There’s a lot of work here for the crypto field but we stand ready to work to get them into compliance,” he added.

[cr1776]

I’d also add that it probably reflects the content of the action and that there is not some clarity from the SEC even if not “do what you want”. Much of it - IMO - is bs, and perhaps this shows that others agree.

The fact is that they don’t like money being outside of their control and the Keynesian’s monetary policies serve the powers that be and they will try to stop it, delay it, or confuse it (with CBDCs).

[Woodie]

The markets are sending a strong message to SEC here and I like the response!
I was honestly expecting markets to actually show more red after two of the big exchanges operating in the USA have been sued for almost the same thing...and in response  we get this, more like a "GTFO" kind of message

But on a serious note, how much damage can SEC inflict at the moment,  and is there a way around to get them off cryptos back ?? We need positive news going forward not this, what a drawback SEC 

[pawel7777]

The markets are sending a strong message to SEC here and I like the response!
I was honestly expecting markets to actually show more red after two of the big exchanges operating in the USA have been sued for almost the same thing...and in response  we get this, more like a "GTFO" kind of message

Sadly looks like the rebound to >$27k levels was short-lived and we're back to $26k range, but that's still not so bad I would expect after the Coinbase news broke out.

But on a serious note, how much damage can SEC inflict at the moment,  and is there a way around to get them off cryptos back ?? We need positive news going forward not this, what a drawback SEC 

You can't really get them off crypto's back unless we're talking about creating some underground, alternative, decentralised economy. The moment you want to legally exchange cryptos to fiat (real, not stables) is when you are at mercy of the regulators.
Some say all this is a part of the "choke-point 2.0" crackdown, but on the other hand, it looks like the SEC (at least for now) targeted only some specific coins, and hopefully others (including BTC) are safe, meaning things could go starting going back to normal after the dust settles.

[coupable]

The markets are sending a strong message to SEC here and I like the response!
I was honestly expecting markets to actually show more red after two of the big exchanges operating in the USA have been sued for almost the same thing...and in response  we get this, more like a "GTFO" kind of message

Sadly looks like the rebound to >$27k levels was short-lived and we're back to $26k range, but that's still not so bad I would expect after the Coinbase news broke out.

Indeed, I was surprised how the process of linking a slight increase in price with the news of the Coinbase lawsuit became. I think that this event had no effect on the market, and most likely no one heard or cared about it, especially since the authorities in America have returned us since the beginning of the year to pursuing all service platforms, and Coinbase in particular has been being pursued for a while, and it was certainly preparing itself to complicate matters more. Perhaps if the platform had been declared bankrupt or collapsed in any way, the price would have been negatively affected, but I see that what cnbc went to in its opinion is greatly exaggerated, and the price of bitcoin is considered stable.

[420 Seeds]

Help? I don't understand how Coinbase could possibly be unregistered, they were one of the first big, "legal" ones in America and they had to be registered to do an IPO, and offer stock for sale in the USA, correct?