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77,055 Views • Sep 13, 2021 • Click to toggle off description
But lately, Coinbase has been under investigation by the SEC for not registering crypto based securities. So, how does this make sense?
Well, the issue arose when Coinbase introduced a lending program allowing customers to earn interest of around 4% per year by lending a certain stable coin to Coinbase.
Coinbase’s CEO was a bit taken back by the ruling, but in order to determine if something is a security, it must pass the Howey Test which states that something is a security if there is an “investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.”
So, given this, does it pass the Howey Test?
Well, former SEC regulator Amy Lynch said explicitly that crypto assets cross the regulatory line “when you start lending them out.”
And this makes sense. When you lend out money, it becomes a security. So, if you’re going to lend out a different currency, it should be treated the same way.
#Shorts
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Views : 77,055
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Date of upload: Sep 13, 2021 ^^
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RYD date created : 2022-02-11T19:58:10.53072Z
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YouTube Comments - 134 Comments
Top Comments of this video!! :3
Would deposits in bank accounts that pay interest be considered securities in this case?🤔
67 |
I like your shorts. very informative. many can be expanded to full episodes. thank you for not making a how money works 2 channel for the shorts
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If I remember right, Coinbase is solely being targeted for something others have been doing for an extended period. I think that was the problem.
8 |
Similar in germany, we have a very weird tax system around crypto currently
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The SEC does not enforce anything but their best interest.
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Make a video on those nft games 🙂
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I was under the impression that when banks lend out money they are not under the same regulations as Coinbase would be by lending crypto. Simply put banks are treated differently than crypto exchanges doing the same work with a different currency.
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Where have you been? SEC filled suit against Ripple calling XRP a security last year.
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I love how I didn't understood shit xD
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Actually it’s a control lawsuit
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I don't know why the US is so anal about securities. What is wrong with things being a security and why must the US so heavily crack down on them? Securities are fully legal in most of the world and I am sick of having crypto self censor to American standards when securities are just fine anywhere else. For a land of the free, you have way to many financial regulations.
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I love the channel and all the work you put out! But I fail to follow your logic by claiming: because they are being used to loan out money the currencies become securities. A quick google effort on my part resulted in: loans are not securities.
Please help me understand your point by addressing this in yet another short, or even better in a full length video with more depth.
Thanks a bunch for all your great content!
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Super useful, as until this video all I had seen on the issue was crypto investors who of course are only going to see the negatives, and not view regulation as legitimate; even when, as in this case, it really would appear to be a common sense ruling.
3 |
Awesome. A video only as long as it needs to be.
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I'm not sure why, but they had such a massive loss this quarter, in the billions, when they were overconfident that they were expanding as a company and were superior than other platforms. Aside from that, they have a major cooperation with Blackrock. Armstrong's mistakes are what brought them as a failure of a company. From what I know he has already previously driven a company to bankruptcy.
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Thanks for not making an entirely new channel for the shorts 🩳 😁
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I'm starting to just thumbs up the videos before even watching it because I just know it'll be good.
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I got mugged recently and now I can't even access coinbase! This video is great.
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Confused af lol
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@stephen-finance
2 years ago
This might start a very unfortunate precedent for crypto echanges.
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