Coinbase sues SEC, FDIC

[zasad@]

Coinbase sues SEC, FDIC over FOIA requests, says federal regulators trying to cut out crypto
https://www.theblock.co/post/302145/coinbase-sues-sec-fdic-over-foia-requests-says-federal-regulators-trying-to-cut-out-crypto
"Coinbase, which retained consultant firm History Associates Inc. to file the FOIA requests, took aim at the SEC and FDIC in lawsuits filed in the U.S. District Court for the District of Columbia on Thursday.
The crypto exchange accused federal financial regulators of trying to cut off the crypto industry from the banking sector in the complaints. "

[NeuroticFish]

I've read today some interesting posts on Twitter which I will partly quote here. I think that SEC will face quite a number of lawsuits in the near future.

🚨BREAKING: In a 6-3 opinion, the Supreme Court has just overruled the #Chevron deference, a 1984 precedent that says when congressional laws are "ambiguous”, federal judges should defer to "reasonable" federal agency discretion.

My (non attorney) 1st impression is this effectively ends the Gensler SEC agenda.

1) With the corroborating evidence of the House passing FIT 21 which declares non equity/debt digital assets to NOT be securities, all (non fraud) enforcement tied to the SEC interpretation of Howey are DOA, as it is clearly NOT supported by legislation.

[goldkingcoiner]

No surprises there. The SEC have overstepped their boundaries many times and have done damage to centralized cryptocurrency service providers and their profits.

[yhiaali3]

It is good to see that the number of lawsuits against the SEC and its abuses is increasing, at least it will weaken their position and make them defenders from attackers.

But legally speaking, if Coinbase wins its lawsuit against the SEC and FDIC over FOIA requests, what specifically will Coinbase gain? What will its impact be on the SEC and on the cryptocurrency industry in general?

[bbc.reporter]

I've read today some interesting posts on Twitter which I will partly quote here. I think that SEC will face quite a number of lawsuits in the near future.

🚨BREAKING: In a 6-3 opinion, the Supreme Court has just overruled the #Chevron deference, a 1984 precedent that says when congressional laws are "ambiguous”, federal judges should defer to "reasonable" federal agency discretion.

My (non attorney) 1st impression is this effectively ends the Gensler SEC agenda.

1) With the corroborating evidence of the House passing FIT 21 which declares non equity/debt digital assets to NOT be securities, all (non fraud) enforcement tied to the SEC interpretation of Howey are DOA, as it is clearly NOT supported by legislation.

This will certainly occur. Uncle Gary and his friends should begin reducing their anticrypto activities because it is beginning to be very much more possible that Biden will lose the election and with this, also lose the people that protect uncle Gary in Biden's cabinet.

However, will Trump keep his promises on bitcoin and the cryptospace? I am skeptical, however, we should support his decision and wish.

[zasad@]

I think that these events do not matter much before the elections. When the elections are over and the balance of power is already clear, the SEC will enter into an agreement with all major participants in the crypto market. Coinbase is not an independent player in the market, and therefore after the elections they will make the right decision.

And for other projects and companies, nothing will change, the SEC must bring money to the budget and this organization will continue to do this under any president and leader.

[avikz]

Coinbase sues SEC, FDIC over FOIA requests, says federal regulators trying to cut out crypto
https://www.theblock.co/post/302145/coinbase-sues-sec-fdic-over-foia-requests-says-federal-regulators-trying-to-cut-out-crypto
"Coinbase, which retained consultant firm History Associates Inc. to file the FOIA requests, took aim at the SEC and FDIC in lawsuits filed in the U.S. District Court for the District of Columbia on Thursday.
The crypto exchange accused federal financial regulators of trying to cut off the crypto industry from the banking sector in the complaints. "

Very much true to its core! US enforcement agencies are indeed trying to suppress the financial freedom of their citizens. Suing hundreds of people for getting involved with cryptos, arresting them in charge of money laundering and exploiting the exchanges by imposing fines worth billions of dollars. Right now, US is the most unsafe country in the whole world for crypto related businesses. Not sure why these companies are not moving to countries like Singapore!

I am sure nothing will come out as a result of this lawsuite. But it's great to see that Coinbase has the spine to get to this fight against the powerful agencies while its easier for them just to move out of US. Kuddos!

[zasad@]

Coinbase sues SEC, FDIC over FOIA requests, says federal regulators trying to cut out crypto
https://www.theblock.co/post/302145/coinbase-sues-sec-fdic-over-foia-requests-says-federal-regulators-trying-to-cut-out-crypto
"Coinbase, which retained consultant firm History Associates Inc. to file the FOIA requests, took aim at the SEC and FDIC in lawsuits filed in the U.S. District Court for the District of Columbia on Thursday.
The crypto exchange accused federal financial regulators of trying to cut off the crypto industry from the banking sector in the complaints. "

Very much true to its core! US enforcement agencies are indeed trying to suppress the financial freedom of their citizens. Suing hundreds of people for getting involved with cryptos, arresting them in charge of money laundering and exploiting the exchanges by imposing fines worth billions of dollars. Right now, US is the most unsafe country in the whole world for crypto related businesses. Not sure why these companies are not moving to countries like Singapore!

I am sure nothing will come out as a result of this lawsuite. But it's great to see that Coinbase has the spine to get to this fight against the powerful agencies while its easier for them just to move out of US. Kuddos!

https://www.coinbase.com/en-gb/blog/u-s-marshals-service-chooses-coinbase-to-safeguard-trade-its-large-cap
"U.S. Marshals Service chooses Coinbase to safeguard, trade its large cap digital assets portfolio
TL; DR: After a comprehensive process, the U.S. Marshals Service (USMS), a division of the U.S. Department of Justice, selected Coinbase Prime as its partner to safeguard and trade its “Class 1” (large cap) digital assets. "

__
Don't pay too much attention to just one news item. Coinbase is a "system" player that will cooperate with the government. Before the elections, they are kind of fighting for freedom, after the elections, the lawsuits may be withdrawn. If this exchange were not in the "system", it would not have received a single government contract.

[Z-tight]

However, will Trump keep his promises on bitcoin and the cryptospace? I am skeptical, however, we should support his decision and wish.

What promises if i may ask, as far as i know Donald Trump hasn't made any promises to the crypto industry, it is simply gullible crypto users who are taking his recent statements about crypto as an approval, when it is just a way to score cheap points in the forthcoming elections. If you think there would be a visible positive change in how the U.S treats the crypto industy if Donald Trump wins, then i can say you are wasting your time.

[zasad@]

I think that the US will adopt the necessary laws, otherwise they will lag behind Europe and Asia, where crypto regulation is more lenient. But all US citizens' wallets will be subject to the mandatory CCS procedure, so this will be a completely different market.

[Z-tight]

I think that the US will adopt the necessary laws, otherwise they will lag behind Europe and Asia, where crypto regulation is more lenient.

It will be great for those living in the U.S and all of the crypto industry, if the U.S becomes more lenient in their regulation of crypto, but i don't have high hopes that it would happen. I even believe the regulations will get stricter, with the claims that they are trying to protect U.S customers, when the truth is that they are attacking privacy in the industry, so they can have some kind of control over it, were they have enough information about people's coins and what they do with it.

[zasad@]

I think that the US will adopt the necessary laws, otherwise they will lag behind Europe and Asia, where crypto regulation is more lenient.

It will be great for those living in the U.S and all of the crypto industry, if the U.S becomes more lenient in their regulation of crypto, but i don't have high hopes that it would happen. I even believe the regulations will get stricter, with the claims that they are trying to protect U.S customers, when the truth is that they are attacking privacy in the industry, so they can have some kind of control over it, were they have enough information about people's coins and what they do with it.

Tax violations in the US have no statute of limitations. If the coins are on centralized exchanges, then it is useless to talk about confidentiality.

And then, not many American citizens will have a dilemma: whether to violate US laws and not declare their assets(avoiding all centralized services and hiding all traces) or to transfer all data about their assets to the US tax authorities.

[Maus0728]

Thank goodness that they're putting SEC in their place because what they're being accused of doing is unfair to those businesses, imagine getting cut off from banks just because they want to prevent people from having an easy access to their cryptocurrency and their profits, isn't this really close if not totally unconstitutional? I mean, the US is preaching so much about freedom but ultimately loves doing this restrictive bullshit to their people? Hopefully we can see more crypto exchange do the same thing against SEC, they need to go back to the boundary because they've overstepped on that a long time ago already.

[zasad@]

Thank goodness that they're putting SEC in their place because what they're being accused of doing is unfair to those businesses, imagine getting cut off from banks just because they want to prevent people from having an easy access to their cryptocurrency and their profits, isn't this really close if not totally unconstitutional? I mean, the US is preaching so much about freedom but ultimately loves doing this restrictive bullshit to their people? Hopefully we can see more crypto exchange do the same thing against SEC, they need to go back to the boundary because they've overstepped on that a long time ago already.

Try starting a cryptocurrency business in the US. Yes, you can sell goods and services for cryptocurrency, and even pay taxes in some states using cryptocurrency, but you will still need a custodial provider to convert cryptocurrency into dollars. This is not freedom, but total control.
In the US, there is a major market redistribution between large financial companies. I have already written many times that Coinbase is not an independent player, but one of the representatives of influential financial structures that want to take a piece of the pie.

[bbc.reporter]

However, will Trump keep his promises on bitcoin and the cryptospace? I am skeptical, however, we should support his decision and wish.

What promises if i may ask, as far as i know Donald Trump hasn't made any promises to the crypto industry, it is simply gullible crypto users who are taking his recent statements about crypto as an approval, when it is just a way to score cheap points in the forthcoming elections. If you think there would be a visible positive change in how the U.S treats the crypto industy if Donald Trump wins, then i can say you are wasting your time.

It was not officially a promise, however, from Trump's words in some of his speeches to the listeners makes it appears that he will support the businesses on the cryptospace and he will make it easier for the people to use their cryptocoins and cryptotokens.

There is also a thread created by @cryptomaniac_xxx about the Republicans and the mention that their platform includes ending the Democrats' crackdown on the cryptospace.

https://bitcointalk.org/index.php?topic=5502469.0

Trump is procrypto, but will he be procrypto if he wins the presidency? We cannot predict this heheheeh. However, many people have already declared that he is lying hehehehe.

[zasad@]

I have one question, will there be a place and opportunity for the development of crypto projects in the US after such regulation? The SEC still considers most tokens and coins to be securities except for Bitcoin and Ethereum.