Unchained

Unconfirmed: Was Coinbase CEO Brian Armstrong Entitled to a Meeting With the SEC? - Ep.271

09.10.2021 - By Laura ShinPlay

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Ephrat Livni, a DealBook business and policy reporter at the New York Times, discusses Coinbase’s fight with the SEC over its Lend product and El Salvador’s adoption of Bitcoin as legal tender. Show highlights:

why Coinbase is unhappy with what it calls the SEC’s “sketchy” behavior

how Coinbase’s Lend product is structured and why it might be a security

why Ephrat considers Coinbase’s reaction to the SEC’s decision on Lend to be “trolling”

what we can learn from SEC chair Gary Gensler’s letters with Senator Elizabeth Warren

what legal precedence the SEC is leaning on in its decision about Lend

how to explain the SEC’s choice to not meet with Coinbase in Washington

why Ephrat thinks Brian Armstrong sounds entitled

Why even pro-Bitcoin groups in the US take issue with El Salvador’s adoption of Bitcoin as legal tender

why Ephrat thinks Bitcoin is not a practical payment mechanism for El Salvadorans

how El Salvadorans have reacted to the law

why Ephrat believes El Salvador’s mandate to accept BTC is philosophically problematic for Bitcoiners

 

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021   

Digital Asset Research: https://digitalassetresearch.com 

Sorare: https://sorare.com     

 

Episode Links

 

Ephrat Livni

Twitter: https://twitter.com/el72champs 

New York Times: https://www.nytimes.com/by/ephrat-livni 

 

Coinbase

Brian Armstrong tweet thread: https://twitter.com/brian_armstrong/status/1409555338836078592

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

Coinbase Lend: https://www.coinbase.com/lend 

Howey and Reves test: https://securities-law-blog.com/2014/11/25/what-is-a-security-the-howey-test-and-reves-test/ 

 

Bitcoin and El Salvador

CoinDesk coverage:

https://www.coindesk.com/policy/2021/09/07/as-el-salvador-enacts-bitcoin-law-locals-remain-confused-about-implementation/ 

Wall Street Journal coverage: https://www.wsj.com/articles/bitcoin-comes-to-el-salvador-first-country-to-adopt-crypto-as-national-currency-11631005200

CNN coverage: https://www.cnn.com/2021/09/06/business/bitcoin-price-el-salvador-intl-hnk/index.html

CBS coverage: https://www.cbsnews.com/news/bitcoin-el-salvador-legal-currency/#:~:text=As%20legal%20tender%20in%20El,subject%20to%20capital%20gains%20tax. 

Reuters: https://www.reuters.com/technology/it-guy-in-chief-president-tries-fix-el-salvadors-bitcoin-woes-2021-09-08/ 

Jerry Brito’s opinion: https://twitter.com/jerrybrito/status/1405660809024393221 

Survey results: ​​https://www.reuters.com/technology/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02/ 

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