Gary

Explain? What happened?

the SEC thinks them offering apy on stablecoins is a security

Well they offer apy on coins beyond stablecoins. Since it isn’t covered by fdic or securities insurance, they’re kinda screwed. Would’ve rather them hit Celsius tho, Celsius does too much shady stuff. Damn, blockfi just lost a good chunk of business in US.

I’m trying to think of an angle here but commodities that promise a return are securities tbh. Gonna be an interesting year, some players gonna overtake in this space because early players cut corners

Bitcoin is a hedge against the super bowl

Do I gotta move my stables out of BlockFi now?

yes

Frick

i know they offer yield on other stuff the sec doesn't seem to care about coinbase offering yield right now though they only came after them when they wanted to give high yield for stablecoins

it makes sense they're going after the American companies first lol

nah jk idk s*** about stocks or crypto

cheese themed s***coins might be the next wave. time to make this 1000x

Nah, Coinbase yield is fdic insured. That’s difference, it’s fiat. Stablecoin yield isn’t insured, it’s a commodity generating a fixed return aka a security

facts

f*** I’m lactose intolerant so I don’t think I can buy any cheese coins

can't be bread intolerant tho

You MFS not on based.finance yet

Would've saved you from this dip

Russia set to invade Ukraine on Feb 16

:elon:

aight

what I was talking about the canceled 4% apy with coinbase earn for usdc

they never have done high interest yield on stablecoins in the US, outside of the US they do give yield on stablecoins though

blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009

I know what you’re talking about. Coinbase has a regular interest account still active that’s fdic insured. The usdc earn product is high yield via stablecoins, which isn’t insured by the gov so it’s an unregistered security

yeah that's what I was talking about

I'm not talking about the current 0.15% they give to Americans that isn't high interest lol

and yeah that's what the SEC says but they don't care about Proof Of Stake pool yield cause plenty of exchanges have them and the SEC didn't say a thing

it only seems to be high interest Stablecoins when it becomes a security

at least for now

I think the way the SEC uses the word security is broad and congress should make clear guidelines about how this all works and how it's all taxed it's f***in BS that the SEC is just doing whatever

same goes for the IRS, CFTC and everyone just making up rules and trying to claim authority

I think these departments should have certain authorities over crypto but it should be clear and given by congress not by someone in an agency or commission