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Yep, that was a threat to regular financial institutions. Can’t have competition!


The 1933 Securities Act was written specifically to stop crypto competing with banks. Not many people talk about it but FDR was actually a millenial shitcoin holder who lost all is money on Safemoons. He took a trillion dollar stablecoin loan on DeFi and used the money to build a time machine to go back and become president and then trigger the 1929 stock market crash with hyperinflation, in order to bring the crypto market to its knees and undo his losses.


Love to see a 90 year old act preventing innovation and competition in the finance sector


It doesn't prevent any of this stuff. Sometimes people forget that the securities laws don't stop anybody from offering a product - they just require disclosure to the investors. For decentralized platforms this can be difficult, but the centralized financial institutions like Coinbase just don't want to disclose what they are doing with the funds to their customers. They're not the good guys here, and we shouldn't be rooting for shitty centralized financial institutions.


Haha!!! Anachronism is so clever! It automatically makes you funny!


I dont understand why Square, Venmo and that kind of apps have been able to go forward but to Coinbase they put so many obstacles!


Maybe because of volume and impact? They can see how much revenue, press, and therefore impact it will have if it implemented what it’s proposing.


I will point out that Voyager still offers 9% . If anybody wants to sign up use ref code AFEE67552 for some $25 in bitcoin after trading over $100 (US only) Not trying to shill. Just most people don't know about Voyager


What’s voyager?




https://nitter.net/RobGronkowski/status/1435585933450088451?s=19 Here is the link to that Twitter thread on Nitter. Nitter is better for privacy and does not nag you for a login. More information can be found here: https://nitter.net/about *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*


I use Voyager, I think you only get 9% now if you also hold their VGX coin. Their rates are still good though. Pretty surprised more people haven’t heard/used it.


Its 9% if you hold a minimum of 100 USDC a month. No. VGX needed. If you hold: 500 VGX you get a boost of .5 5,000 VGX you get a boost of 1 [20,000 VGX you get a boost of 1.5](https://www.investvoyager.com/blog/voyager-loyalty-program-token-utility/)


You’re right yeah 👍🏻


They can fuck off, I’ll be on Defi 🤘🏻




Thatta way!


I'm so torn up about this lads. Was saving up big time to transfer thousands over for that sweet 4%, got on the waiting list the minute I heard about the program. And now it's scrapped :/ See Gary's twitter too, talking up how important it is to save money with your bank starting from a young age, just five dollars a week say at like 8% bam bam you got tons of retirement! Sounds great. First of all, where 8%? Second of all, I bet the banks love having us lend them thousands of dollars interest free for years and years so THEY can invest it, instead of you. SEC protects the banks, they don't care about "investors." This would kill banks if stablecoins offered such great returns. They can't have it. People wouldn't use banks nearly as much, and the amount of money banks have to lend and thus make MORE money would be severely impacted. It's a business model. Banks do virtually nothing besides exist as a middleman to scam people. Spam Gary on Twitter, it won't do anything but he's a scummy fuckbag.


Gemini has gusd which gives around 7% you could try that as an alternative.


8.05% now.


USDC is 9% on Voyager


Just use one of several other exchanges that offer higher rates on stablecoins. Voyager - 9% Crypto.com - 8-12% Gemini/Celsius ~8-9% I’m sure there are more but these are the ones I know about.


Mutual fund with vanguard puts out ~12% annual for me the last 5 years. I know it’s not sexy or crypto, but it’s a hell of a lot lower risk


Huhh what that's way more risky. They invest in stocks hence 12% annual because the stock market has been good. This is just stablecoin lending.


100% the comparison is a savings account. The risk is the underlying stable coin or exchange going bust which either are way too miniscule to care about... Unless it's tether


Or unless there is increasing attention on regulatory action.


I tweeted his ass. I hate the space but once or twice does it sure come in handy. The audacity of people like him and Feinstein.


You don’t need to be upset. There are so many ways to get relatively safe high APY in the defi space.


While true, this is a bad sign for the way the US government is planning to take regulation of crypto in general and lending specifically. BlockFi (dot) com is fighting New Jersey regulators for the same reason.


I agree that it's bad. The best way to respond is to just take money out of the banking system and put it into defi (not financial advice)


Tbh would be nice to win big


Why would they prevent Coinbase from starting a lending program but Celsius, Gemini, and others are already have lending products. This doesn’t make sense.


Coinbased asked the SEC whether it was legal to offer unregistered securities. SEC said no, and that they would sue if they offered securities without registering them first. This ruins any ability for Coinbase to offer unregistered securities and then later pretend in court they didn't know it counted as an unregistered security. So they're not going ahead for obvious reasons that its a pretty bad idea to commit a crime immediately after asking whether it is a crime. In a bold move, [Coinbase CEO Brian Armstrong decided to publicly admit he doesn't understand the most basic fundamentals of securities law, like whether lending can count as a security.](https://twitter.com/brian_armstrong/status/1435439543692365828)


Yeah, not a lot of faith in Brian Armstrong after that rant.


This is why you never ask for permission, only forgiveness


Thats my life motto homie.


Wow what a misrepresentation of the story. The question was not whether a) you can sell unregistered securities, or whether b) lending can be a security, but whether c) *that product* would count as a security, especially given that near identical products were not classified as such. Whoosh!


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Because Ethereum leadership bribed the SEC to bring selective enforcement actions into the space. ethereum leadership + JPMorgan are trying to corner the crypto market an make Eth the only game in the US


America is very hostile to crypto, because ur politics are being influenced by wealthy groups of people that only care about own interests.


The government is not your friend. The government has too much power.


Government wants people to be like sheeps to their shepherd.


I am the Captain of this sheep!!


Who remembers back when we created the government and told them what it can’t do?


in a hyperinflationary event people will only switch to a new currency once the old currency becomes worse than the next best alternative




Ha, there it is


SEC don't like competition. How 4% interest lending bad? only for those who earn from the other method


there are plenty of securities that offer more than 4% ROI. Why do people think this is the SEC saying "you can't offer more than 4% interest" and not "you can't offer unregistered securities"?


Yea, people in this sub are dead stupid oftentimes. The SEC doesn't care how much interest is payed. But you can't just go and say _regulation schegulation, I'm just gonna ignore that_. Just play by the rules everyone else also follows.


Lol the only thing i like about my shitty 3rd world country life is that the exchanges cant be bullied by our government


the first time the government is taking such an action against a crypto exchange


"You miss 100% of the shots you don't take." But then when you get the chance to make a shot, the referee who only cares about the money will call a foul on you. *Sheesh*


Shit like This is why DeFi will attract billions and eventually supplant the need for everything banks do from top to bottom. This will be a grave error in hindsight.


Hodlnaut, 12%+ on USDC.


Americans should go defi good luck to the sex with that


I’m already using the coinbase debit card. I was pretty excited to get 4% interest on that USDC balance too.


If people get loans against their crypto, the government misses out on a whole bunch of tax revenue…


It's sad I can earn decades worth of US interest in a few days in defi staking.


Hard to imagine that your government want you to be more poor but numbers speaks by themselves. US will have aprox 5% inflation, banks are giving 0.001% and a new company comes out saying hey i can provide 4% un USDC, check all my paperwork so you can approve me plz! Still bellow inflation level but much much great than the ugly 0.001% banks offer. And then the SEC dennies them that possibility, wtf!?!?


This is why everyone needs to take the time to learn DeFi


I don’t wanna brag, BUT I’m getting a whopping 0.050 a month


Wow... Good for you 😳


I know by the time I’m 95 I’ll be loaded


Wow o!




What you guys aren’t happy with your 0.05% compounded monthly? Greedy lot aren’t ya?


Kill me.


Send me your moons first ;)


Correction* Ethereum leadership bribed the SEC to bring selective enforcement actions into crypto space against key competitors while giving themselves a greenlight. Yes downvote reality it'll make it go away


Mas putos


SEC don't Iike to be SECond best, bullying the people who are nearly honest


When you are terrified that your empire will collapse, you bribe whoever it has to be.


Well, there’s always crypto.com…


This is horrible.


Mine is 0.05% yearly…🥲


the 0.15% i get on USDC in coinbase is still better than the 0.01% i get from my bank sadly


Can you use crypto.com? They offer like 15%


yeah, i can, but i like keeping my USDC in coinbase, because i use their debit card with my USDC… shucks


I haven't read up on the Coinbase product, can someone explain how it is different from what Celsius and BlockFi offer?


Sec is saving the banks... what else???


SEC be jealous




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AAVE is my new savings account. Not always 4%, but it beats .01%


If ripple wins against the SEC then lend will likely happen.


wasn't this exact same thread on the frontpage like yesterday? Or the day befor that?


Ok I am fat headed and smooth brained new ape. Does this mean their announcement of an eventual 4% on ETH kept on coinbase is now shat into the ground? Was planning on moving a decent amount of ETH onto there to start saving up from that. Real shitty news if so.


Didnt someone make this same exact post yesterday?




For now* they can, for now. Until negative internet rates come.


Rocking that still in canada


Hyperinflation is an entrepreneurial act on the part of government


AnchorUSD gives 8%+ on straight USD - thank me later


I was a banker for 5 years. You wanna stick it to them? Remove your funds from there ASAP. Keep the absolute bare minimums. Branches are evaluated annually based on the amount of “New money” and money in deposit with them. They literally have every person categorized in “$”, “$$”, or “$$$” based on your income and treat you accordingly. It’s a disgusting business model


capital controls are much more effective on other fiat currencies than on Bitcoin


If you cannot make money in the US, you will go where you can make money. That is clear. Nit now, but let's see the trend in the next 10 years.


SEC is in the right. Coinbase shouldn't have the power to screw up the whole banking industry, just because it's a stablecoin. If crypto holders want to earn via staking, they need to stake crypto. Staking stablecoins is a sin.


My head hurts reading this bs


Small brain is like that.


coinbase is not even a fucking stable coin omfg kms its an crypto exchange you braindead


This story is about USDC by Coinbase. Do you know USDC? If you don't, do yourself a favor by getting out of this subreddit, because you're a disgrace to this community.


Ok coinbase is a stablecoin kms lmfao


Do yourself a favor. Don't invest in crypto. You will lose everything. Your IQ is too low to understand crypto. You don't even know USDC stablecoin by Coinbase. Why did you come here for? You will lose everything!


And Armstrong acted like an irresponsible CEO when he was mouthing off about the SEC. It’s like arguing with a State Trooper when you get pulled over. Show some respect. The SEC ain’t perfect, but let’s act more responsibly with them. And no, they are not obligated to meet CEOs.


I'm just curious, do you have any idea how interest rates work? I'm guessing since you used the word "bullied" you don't understand much of how the banking / investment business works. It's funny, all the financial geniuses who bitch about 0% saving account rates don't bitch about their parents' 2% mortgage rate. There are plenty of places to get 4% on a bond, which is more comparable to a crypto "lending" platform. That is a better comparison.