Thread by @coryklippsten

With @brian_armstrong and @iampaulgrewal spreading the falsehood that the SEC supposedly OK'd every aspect of their possible securities offerings, let's look at what the SEC ACTUALLY sent to @coinbase regarding their registration statement: 🧵👇

@brian_armstrong @iampaulgrewal @coinbase "We note your disclosure that "[t]he test for determining whether any given crypto a is a security is a highly complex, fact-driven analysis that evolves over time, and the outcome is difficult to predict."

@brian_armstrong @iampaulgrewal @coinbase Please emphasize that this test is a legal test and is different than your scoring model, which is not a legal standard and only a risk-based assessment that does not preclude legal or regulatory action based on the presence of a security."

@brian_armstrong @iampaulgrewal @coinbase "We note your disclosure that "[p]ublic statements by senior officials at the SEC indicate that the SEC does not intend to take the position that Bitcoin or Ether are securities (in their current form)."

@brian_armstrong @iampaulgrewal @coinbase Please revise this risk factor to clarify that Bitcoin and Ether are the only digital assets as to which senior officials at the SEC have publicly expressed such a view, and further clarify that as to all other digital assets there is currently no certainty under the applicable…

@brian_armstrong @iampaulgrewal @coinbase …legal test that such assets are not securities, notwithstanding the predictions of your scoring model."

(Editor's note: the above section does NOT contemplate Ethereum as an interest-bearing POS coin that centralizes even further over time by design.)

@brian_armstrong @iampaulgrewal @coinbase Here's the url: sec.gov/Archives/edgar…

And here's Coinbase begging for ANYTHING other than the laws on the books to apply to their business model of providing exit liquidity to scamming crypto insiders:

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