Thread by @Cryptadamist

#Clownbase went public w/Wells response 🤡. We can glean some insight into what the SEC wants from it:

"Overhaul its entire biz model to register as an NSE/clearing agency potentially requiring $COIN to jettison its entire customer-facing business"

ngmi
assets.ctfassets.net/c5bd0wqjc7v0/2…

The SEC is not legally allowed to say a damn thing in response. $COIN trying to move the law w/the lever of public opinion might have worked before millions lost their savings to FTX, Celsius, Voyager

Now it looks like bayonet charging a machine gun nest.
bettermarkets.org/newsroom/coinb…

🧵 #Clownbase's wells submission:

1. threatens the SEC
2. contains blatantly untrue claims about American cryptocurrency jurisprudence

🧵 lol #Clownbase would like you to believe they could have never possibly known that anything could be a security... and yet the SEC explicitly told them everything except Ethereum (pre-proof of stake) and Bitcoin might be determined to be a security.

🧵 #Clownbase helpfully suggested to the SEC that, rather than $COIN having to change anything about how it operated, it could be the SEC that could instead make major changes to its existing processes.

🤡