Thread by @CRYPTOcounselo2

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Some additional interesting clips from Consensus 2019: Perspectives on SEC Engagement concerning digital assets.

Full video below, but comments and thoughts in following thread.

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Note that the participants include:
1. Amy Starr (Chief of the Office of Capital Markets Trends in the Division of Corporate Finance of the @SECGov)

2. Dorothy DeWitt (General Counsel - Business Lines and Markets at Coinbase)

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Also note that Amy gave her "these are my personal views" disclaimer - I'm trying to figure out when any of these officials at the SEC ever discuss views of the agency, perhaps the agency has no views

4/n - Here is a link to a short clip (just under 7 mins) I put together of all the juicy parts with some additional commentary below:

vib.by/v/mJEVRbOjo

5/n - some takeaways from the video:

a) Coinbase GC mentions approaching, working with, and the NUMEROUS conversations with @SECGov

b) this talk (May 2019) occurred AFTER Coinbase listed $XRP on their exchange (Feb 2019)

blog.coinbase.com/xrp-is-now-ava…

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c) Coinbase GC mentions desire to ensure they were NOT listing securities, also notes meetings with counsel, their QUALITY legal team that does their analysis - i.e. analyzing tokens to ensure that they are not securities BEFORE coinbase lists the tokens (cough $XRP)

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d) This analysis is done because listing a security token would be violating securities laws (34 act).

e) Coinbase GC also mentions that the laws and the SEC's approach - while developing - still creates a FAIRLY MURKY area.

Does FAIRLY MURKY sound like FAIR NOTICE???

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f) Coinbase GC describes Coinbase's framework for listing digital assets - based on HOWEY and case law - they worked VERY HARD with outside counsel and think they have a GREAT framework.

You know, the framework used to decide to list $XRP (XRP viewed as a non-security)

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g) Coinbase GC also mentions that digital asset listings were run against the framework on a periodic basis

So up until the lawsuit was filed and Coinbase de-listed $XRP, their view was that $XRP was not a security from Feb 2019 to Jan 2021 - almost 2 full years!!!

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h) Coinbase GC also notes that Coinbase has been transparent about their framework and the process with actual and potential regulators (e.g., @SECGov was well aware of the process and the listing back in early 2019).

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i) Coinbase GC comments on @SECGov's own framework and notes that it would be helpful if there were weightings for the various factors

Basically, the framework provided by the SEC - while better than nothing - is not really useful without weights

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j) Coinbase GC states that the @SECGov's framework REINFORCED Hinman's view that a token can be a security and then can evolve into a non-security.

As this is said, Amy Starr @SECGov nods in agreement - agreeing with the views on $ETH in "When Howey met Gary (Plastic)"

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k) Amy Starr then draws attention to HINMAN'S SPEECH and specifically says "again, as director Hinman's speech had mentioned that everyone wants to REMEMBER from a LEGAL side"

Yes - the speech that apparently was not the views of the SEC, but yet again is being referenced

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l) Amy Starr then describes a hypothetical of a company building the BEST platform where people NEED that token to PARTICIPATE in that platform... and that the @SECGov framework would recognize that

Sound familiar to any platforms we may know???