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TL;DR
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You have heard concerning the SEC doubtlessly charging Coinbase for promoting unregistered securities, certain…
However have you ever heard about Coinbase suing the SEC in return?
If you happen to’ve missed some, or all of it – here is a plain-speak interpretation of the way it’s all gone down:
SEC: Wanna play a recreation?
Coinbase: Positive, what’re the principles?
SEC: The principles are just like one other recreation from the 1930’s…but in addition completely different.
Coinbase: Okay (?) are you able to outline the principles of this recreation?
SEC: Nope.
Coinbase: Then how will we play?
SEC: Uh-oh, incorrect reply! You lose.
Coinbase: What?? However how does that –
SEC: Nope. Ought to’ve adopted the principles. See you in court docket.
Coinbase: Actually? We’re taking part in it like this? Okay. Nicely. Your ‘interpretation’ of the principles aren’t closing – let’s take this to the precise rule makers.
SEC: Wait, let’s not go loopy right here, we will –
Coinbase: Up-bup-bup. We requested for clear definitions of the principles from the beginning, and also you did not give them. So how’s this: we’ll see YOU in court docket.
* And scene *
Lastly – if we needed to boil the aim of this newest lawsuit down to a couple sentences, it’d go one thing like this:
It is fairly apparent that SEC has made its thoughts up on what it sees ‘the principles’ as being, however hasn’t shared them publicly. This lawsuit asks them to take action.
Alright, that is it! Now you realize 🙂
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