Is Coinbase a Superhero?

By cmoneyspinner | CryptoBloglines | 13 Feb 2023

If you do a search at this site you will see that a lot of writers are “buzzing” about Kraken and the SEC. “E Pluribus Unum.” That's Latin for "Out of many, one". I picked one article to add-on my commentary.

Clearly, interested parties are keeping up with this. I am very interested.  Dring 2022 I decided to try staking Ethereum (ETH) on the Coinbase platform. So far I am happy with the results. However, if the SEC wins the court case, the results won't matter. That will make me cry.

I know that I published an article defending the activities of the SEC by saying they were simply doing their job; and I maintain this position. But that doesn't stop me from biting my nails.

For your information: “Kraken and Coinbase are two of the most trusted cryptocurrency exchanges on the market. Kraken is one of the earliest exchanges, founded in 2011, with its home base in San Francisco, California.” (Source)

Coinbase to the Rescue?

This is what is at stake (pun intended):

  • The SEC considers both crypto lending and staking-as-a-service programs to be securities, a designation that imposes a wide range of regulatory requirements that crypto used to think it was immune from.” (Source)

This is what has happened with the Kraken exchange:

Per an article dated February 9, 2023, Kraken has agreed to “immediately cease offering or selling securities through crypto asset staking services or staking programs”. (Source)

Even though Kraken is a competitor, Coinbase has just as much to lose. Therefore ...

  • Decrypt published a report dated February 13, 2023:  The Coinbase CEO Brian Armstrong says that he is prepared to go to court to defend its crypto staking service, (Source).

YES! I was going to stake more ETH but I will wait to see the results of this legal challenge.

Meanwhile, I'll be cheering for Coinbase's superheroic efforts from the sidelines.



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