T O P
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Sketchy-Lefty25

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


suninabox

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.


Mutchmore

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


satoshi_yoshi

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.


SilasX

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


heyheoy

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!


HugeHungryHippo

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.


MightyNooblet

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


Kkindler08

What’s voyager?


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HugeHungryHippo

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.


MightyNooblet

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/)


HugeHungryHippo

You’re right yeah 👍🏻


Western_Helicopter_6

They can fuck off, I’ll be on Defi 🤘🏻


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Western_Helicopter_6

Thatta way!


archer4364

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.


Vash__Stampede

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


SilasX

8.05% now.


HugeHungryHippo

USDC is 9% on Voyager


MinerFiner69er

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.


IllegalMammalian

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


Michael__X

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.


1millionnotameme

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


IllegalMammalian

Or unless there is increasing attention on regulatory action.


The_3_eyed_savage

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.


vinlo

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


danka595

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.


vinlo

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)


taralino

Tbh would be nice to win big


contactpaper

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.


suninabox

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)


nepbug

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


Kherring3

This is why you never ask for permission, only forgiveness


The_3_eyed_savage

Thats my life motto homie.


SilasX

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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lj26ft

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


untouch10

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


homrqt

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


Durvag

Government wants people to be like sheeps to their shepherd.


eride810

I am the Captain of this sheep!!


YeeHawJonathan

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


kbuwel

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


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JVHooligan

Ha, there it is


Castr0-

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


suninabox

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"?


xFxD

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.


TAPTHATASS1TIME

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


zngjng

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


AlcoholicShinobi

"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*


DanSmokesWeed

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.


imonk

Hodlnaut, 12%+ on USDC.


bbtto22

Americans should go defi good luck to the sex with that


Bru011

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


pizza-chit

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


Thermitegrenade

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


heyheoy

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!?!?


deathtolucky

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


pootie-shoe

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


Aggravating_Deal_572

Wow... Good for you 😳


pootie-shoe

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


ElegantLavishness979

Wow o!


pootie-shoe

![gif](giphy|10UUe8ZsLnaqwo)


timpanzeez

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


Potencyyyyy

Kill me.


timpanzeez

Send me your moons first ;)


lj26ft

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


YoDaddyOz

Mas putos


Caralynethegreat

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


kirtash93

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


StrangelyBeige

Well, there’s always crypto.com…


Reasonable_Lie3383

This is horrible.


maolyx

Mine is 0.05% yearly…🥲


gnautilus

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


Chazmer87

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


gnautilus

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


nepbug

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


Due-Hope3249

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


JoeYo743

SEC be jealous


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Dymmesdale

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


JeffersonsHat

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


KermitTheFrogo01

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


ToAllAGoodNight

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.


Femboy_Airstrike

Didnt someone make this same exact post yesterday?


Free_Charity_6007

Bully-ish


kyle_h2486

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


HistoricalSeason2723

Rocking that still in canada


yiying125

Hyperinflation is an entrepreneurial act on the part of government


Jsorrell20

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


AnotherMillenial93

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


unknown8482btce

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


rey_miller

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.


ThatInternetGuy

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.


Quallenfischerr

My head hurts reading this bs


ThatInternetGuy

Small brain is like that.


Quallenfischerr

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


ThatInternetGuy

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.


Quallenfischerr

Ok coinbase is a stablecoin kms lmfao


ThatInternetGuy

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!


Decoyboat

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.


EpicHasAIDS

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.