Coinbase Gets Sued By the SEC 👴

Today's stories: the SEC sues Coinbase for selling securities, Gensler claims the country doesn't need cryptocurrency, and the SEC files for a restraining order on Binance US assets.

June 07, 2023

GM. This is Degen Scoop with more legal fun for you to read about. It’s Tuesday, and it’s Gary’s day:

  • Coinbase Gets Sued By the SEC 👴

  • Gensler: US Doesn’t Need Crypto 🌐

  • SEC Seeks Restraining Order on Binance 🧻

  • Whale Moves 🐋

  • Threads You CAN’T Miss 🧵

The SEC Sues Coinbase For Selling Securities

Gary ‘Karen’ Gensler

Suing Binance yesterday wasn’t enough for the SEC so they have decided to go after Coinbase now for selling securities. The details can be found here. The SEC continues on their hypocritical journey of ruling by litigation as opposed to regulation. The official announcement can be found below:

Our input is limited, so here’s some valuable takes from CT:

The regulatory establishments in the US are trying their hardest to remove this industry out of the country. This will take time to play out in the courts, unfortunately. Brian Armstrong, CEO of Coinbase, put out his response on Twitter:

It’s sad that we receive nothing but mental gymnastic from Chairmen Gensler when this industry does what it can to put its best foot forward in order to comply with regulations. Who will the SEC sue today?

Gensler: “We don’t need more digital currency”

Evil Institutions

In case it’s not readily apparent, today’s issue is all about our favorite regulator Gary. Gensler appears to be operating out of a personal vendetta as opposed to providing regular clarity over the industry he presides over. The comments that he made today are subjective and do not speak for the whole of this nation.

In an interview today with CNBC, Gensler claimed that “We don’t need more digital currency.” It is of his opinion that the dollar and euro are sufficient digital currencies, despite the fact that they are controlled by centralized entities. This is worrying because the central bank can simply print at will and devalue the hard-earned dollars of its citizens. There are more important reasons to having a decentralized currency than trading monkey jpegs.

SEC Files For Restraining Order on Binance US Assets

Doge Lawyer

It’s been a very busy two days now for the SEC with their lawsuits against the two largest crypto exchanges. Keeping up with their actions of yesterday, the SEC has now filed to obtain a restraining order on Binance US assets. The official document can be found here.

Goldman Gary is making quick work of his attempt to destroy this industry and remove it from this part of the world. The way in which the SEC is spacing out their actions instead of conducting all of this at once is noteworthy. There are members on Twitter that are of the opinion that the SEC is doing this to wreak maximum damage against crypto. However, in a moment of karma, the market came back green yesterday after the red caused by the Binance suit.

Notable NFT Sales and It’s a Fidenza Day:

Fidenza #545 - Sold For 625 ETH ($1.16M)

Fidenza #989 - Sold For 69 ETH ($128K)

Notable Threads You May Have Missed:

Meme of the Day

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.

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