9/5/2023 0 Comments Coinbase yahoo financeJAREN BLIKRE: Bottom line here is if the SEC doesn't completely shut down Binance and Coinbase probably not going to derail crypto. This is the 14th case that the SEC has brought against crypto entities since January. They say as a result Coinbase is then evading disclosure laws that were specifically set up to protect consumers by Congress. KAVITA GUPTA: I think the questions out there is, what are actually securities and not securities? And do SEC actually creates a pathway and say, this is how it should work?ĪLEXIS KEENAN: The agency said it's acting as a broker, an exchange, a clearing agency, and also a seller of securities. In the first quarter, the US represented about 86% of Coinbase's net revenue. And that really is one of the big questions now with regard to Coinbase is, will it be able to pivot overseas? In the eyes of the SEC staking the action through, which proof of stake tokens are created, is in itself a means through which securities are created and exchanged. MARK PALMER: Coinbase was involved in staking in general without registering a staking platform with the SEC. And so this is factoring also the news we got yesterday from Binance. It has not yet reclaimed yesterday's high. JAREN BLIKRE: 25,000, which is actually a little bit below here, was a floor. The SEC also bringing charges against the largest US crypto trading platform for failing to register its crypto asset staking as a service program. JENNIFER SCHONBERGER: The SEC suing Coinbase this morning in the Southern District of New York for failing to register its trading platform with the agency, alleging that it was an unregistered National Securities Exchange broker and clearing agency. Blikre said, "The bottom line here is if the SEC doesn't completely shut down Binance and Coinbase, then it's probably not going to derail crypto."Ġ0:00:03 - Yahoo Finance's Jennifer SchonbergerĠ0:00:31 - Yahoo Finance markets reporter Jared BlikreĠ0:00:45 - Mark Palmer, Berenberg Capital Markets Senior Equity Research Analyst – Fintech and Digital AssetsĠ0:01:17 - Delta Blockchain Fund General Partner Kavita GuptaĠ0:01:25 - Yahoo Finance legal reporter Alexis KeenanĠ0:01:45 - Yahoo Finance markets reporter Jared Blikre Video Transcript Yahoo Finance markets reporter Jared Blikre took a look at the market reaction and what it could mean for the crypto industry. They say as a result, Coinbase is then evading disclosure laws that were specifically set up to protect consumers by Congress." Keenan said, "The agency says it's acting as a broker, an exchange, a clearing agency, and also a seller of securities. Yahoo Finance legal reporter Alexis Keenan explained the SEC's suit against Coinbase in detail. Gupta said, "What are actually securities and not securities? And does the SEC actually create a pathway and say this is how it should work?" That is not an easy pivot to execute."ĭelta Blockchain Fund General Partner Kavita Gupta discussed the questions digital asset holders have around crypto regulation. Palmer said, "That really is one of the big questions now with regard to Coinbase, is will it be able to pivot overseas? In the first quarter, the US represented about 86% of Coinbase's net revenue. Mark Palmer, Berenberg Capital Markets Senior Equity Research Analyst – Fintech and Digital Assets, discussed the implications of the lawsuit and whether Coinbase ( COIN) may be able to pivot its operations overseas.
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