from Hacker News

Coinbase Receives Wells Notice

by nkw on 3/22/23, 9:37 PM with 13 comments

  • by pedalpete on 3/22/23, 10:12 PM

    From what I am understanding of this, it is a notice from the SEC specifically focused on the current question if staked coins are a security.

    This is not the end of Coinbase or crypto.

    If staking is deemed to be a security, it will have an impact on crypto, and as far as I understand, it means that PoS coins would need to be registered with the SEC as securities, or potentially Coinbase would be the registered party required to govern the coins they offer to stake.

    Am I understanding this correctly?

  • by chrisbolt on 3/22/23, 10:22 PM

  • by paulpauper on 3/22/23, 9:49 PM

    A blog I read make such a prediction yesterday...astute. Not the same thing, but shows the precarious situation it finds itself in:

    What happens if Coinbase is cut off from banking? FTX was a total scam; Coinbase is a completely legitimate company—the only really, deeply, compliant exchange. Once CB cannot bank, the precedent is set—no one in crypto can touch the banking system. Forever. And as we’ll see, it doesn’t even need to be forever.

  • by retrocryptid on 3/22/23, 10:34 PM

    Finally.