Posts about Crypto
Coinbase makes their stance very clear in their Twitter background photo.
Coinbase seems like they are coming for everyone who opposes their push to open up crypto markets and innovate in the sector. They made it very clear that they would fight the SEC all the way in the SEC's unilateral declaration of staking as a service on exchange being declared securities. They are also heavily pushing back on whatever tokens they have listed that the SEC has also deemed securites. securities as they have repeatedly stated they "do not list securities". Of course, with the SEC taking a big loss in the XRP case, they are significantly more confident and have also immediately said they are relisting XRP.
On top of this, the BlockChain Association who have backed Coinbase in many of their oppositional activities to the SEC have filed for an investigation into Prometheum, who are the only SEC-approved crypto securities firm, but has ties to the SEC and a shady history and weird approval timeline and justification. Coinbase CEO supported this motion, Coinbase has also been having indirect back-and-forths with Prometheum with opposing opinions on regulations and their juxtaposed regulatory statuses.
Of course, the presence of Prometheum is a significant annoyance to Coinbase as they rise to approval and even current status is very questionable while Coinbase said they had been taking every avenue to be approved with no success.
To tie it all up, they put out statistics on how much work they put into complying with regulations which seem to count for nothing:
https://twitter.com/i/status/1666135834062467083
Coinbase is also airing out and seems to be investigating the claims around many customers having their bank accounts closed by Bank of America over simply doing crypto transactions with Coinbase.
Presuming accurate numbers, 9% of 16,000 votes is extremely high especially just for a single bank.
In addition to the results, a bunch of people said that their accounts weren't closed but were suspended and transactions blocked or made much more difficult.
Further, it is also airing out other banks as well as people comment and tweeting of other banks that closed accounts/prevented crypto-related transactions.
Notably, Stacks co-creator Muneeb Ali tweeted on Wednesday that his personal Bank of America bank account was closed without any reason given and said “This is war on bitcoin and crypto,” and “We won’t stay silent.”
It's somewhat weird and unclear as to why Reddit is phasing out their coins ( they were also intentionally vague about their reseons) , especially considering it's a significant source of income for them without the need for advertisments. I've been thinking that perhaps they're laying the groundwork for something closer to NFTs or cryptocurrency? Given Reddit's recent experimentation with NFTs ( 1st, 2nd and 3rd gen) and coin minting - moons and bricks being prime examples - this doesn't seem too far-fetched. They even have plans on the horizon to introduce community coins as you may be aware of.
Furthermore, we've seeen Reddit make several changes to their monetization strategies over the past few years and even seem more desperate as the IPO is appoarching, though some have been disastrously executed. In 2021, the company rolled out a subscription service called Reddit Premium, and recently there has been turmoil surrounding their API.
This has led me to ponder if they are planning to capitalize on their NFTs/coins even further by introducing a "Reddit coin" as a replacement for their traditional coins, thereby embracing cryptocurrency.
edit: as per /u/ThatsWeightyStuff the most compelling clue was from the from
an ama from sam altman ( yes the same ai guy)
tldr: then ceo yishan responded to how they were going to be giving 10% back to users by creating a cryptocurrency back by reddit shares, its crazy but thats what it said.
How are you giving 10% of your shares to the reddit community?
We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community. The investors have explicitly agreed to this in their investment terms.
Bloomberg reporters Hannah Miller, Annie Massa and Max Chafkin spent months going deep inside the world of Sam Bankman-Fried and his crypto exchange FTX for their podcast series Spellcaster. The show, produced by Bloomberg and Wondery, explores how a nerdy gamer became a billionaire and then an alleged criminal by the time he was 30.
We spent months dissecting the rise of SBF, FTX and his trading firm Alameda Research, interviewing people in his inner circle including Caroline Ellison and reporting on what it all means for the future of crypto.
You can listen to the full series here, and be sure to follow our coverage when Bankman-Fried goes to trial, which is scheduled for October. What do you want to know? Ask in our AMA.
PROOF 1: https://i.redd.it/1zk2t23ejsbb1.jpg
PROOF 2: https://i.redd.it/85g4cqhiosbb1.jpg
EDIT: Thanks for tuning in, everyone. We're signing off for now! -- Hannah, Annie and Max
Good evening, this is extremely complicated, still not completely decided, but I believe can be perceived as 'good news' for anyone with an interest in crypto--GameStop NFT anyone?
https://i.redd.it/syvyeipgmubb1.pngI do not want to get into Ripple to deep, as that is not on topic here but you need to know about them for this is the SEC previously sued Ripple Labs in 2020, alleging that XRP was a digital-asset security that was sold illegally without registration.
The judge in this intermediate ruling applied the Howey test, which is used to determine whether a transaction is an investment contract and therefore a security.
The judge ruled it is not a security when sold on digital-asset exchanges to the general public.
However, Ripple's sales to sophisticated institutional investors (hedge funds) did qualify as an unregistered sale of investment contracts, which is a violation of federal law.
This ruling is significant for the crypto industry as it is a first ruling to determine whether cryptocurrencies are "securities" under federal law--in this instance NO!
This ruling is significant for the crypto industry as it is a first ruling to determine whether cryptocurrencies are "securities" under federal law--in this instance NO!
Again, a Federal judge has ruled a digital asset is not a security when sold on digital-asset exchanges to the general public.
Doesn't GameStop NFT sell digital assets on it NFT Marketplace (exchange) to the general public?
Is an intermediate ruling and not done but is still bullish!
