The SEC is Suing Coinbase & Binance | Ryan & David
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 6 June 2023
⏱️ 75 minutes
🧾️ Download transcript
Summary
Today Gary Gensler and the SEC officially filed lawsuits against crypto exchanges Binance and Coinbase.
We break it all down and share some hot takes on what this means for the crypto industry as a whole.
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CHAPTERS
0:40 Is This Lawsuit a Surprise?
2:35 Is This Lawsuit a Suprise?
8:41 An Attack On Crypto
12:05 The 4 Big Questions
17:06 Gary's Public Statements
22:20 SEC Charges Overview
27:47 Analysis on Coinbase
30:31 Brian Armstrong's Take
32:58 The Case Against Binance
38:08 David's Take on All of This
43:38 What "Securities" Are Effected?
48:41 News Price Impact
53:35 Where Does Solana Stand?
57:39 Is ETH The Next Target?
1:02:17 Does Anybody Actually Want This?
1:05:15 Twitter Takes
1:09:08 Gary's Icarus Moment?
1:11:10 Closing Thoughts
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Resources:
Binance Sued
https://twitter.com/BanklessHQ/status/1665744014081941506?s=20
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
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Transcript
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| 0:00.0 | Gary Gensler and the SEC naming a whole bunch of tokens, tokens that you may own, calling |
| 0:10.1 | them securities in the complaints issued by the SEC. |
| 0:13.6 | It seems like the SEC and Gary Gensler is attacking crypto this weekend out and out |
| 0:19.5 | assault. |
| 0:20.5 | Of course, this comes on the back of months of U.S. government hostility, what we've |
| 0:24.3 | been calling Operation Chook Point 2.0, and we want to dive into this subject today. |
| 0:31.3 | See what's going on. |
| 0:32.3 | There are a few key questions we need to ask and to try to answer today. |
| 0:38.0 | David, where do you want to take this episode? |
| 0:40.4 | Where should we start? |
| 0:41.6 | I think the first big question that everyone is asking is, is this a surprise or did we |
| 0:47.1 | see this coming? |
| 0:48.4 | I saw this on like pop up on my Twitter notifications, SEC sues Coinbase and I was like, |
| 0:55.8 | oh man, today's the day. |
| 0:58.8 | And I think we should remind bankless listeners and viewers that six weeks ago, Coinbase |
| 1:03.6 | was served a Wells notice, which means what is a Wells notice? |
| 1:06.9 | A Wells notice says, hey, we are the SEC and we are going to sue you. |
| 1:10.8 | And Coinbase was like, why, why are you going to do that? |
| 1:13.8 | And they didn't say anything. |
| 1:15.6 | So it's worth noting that we knew that this was coming. |
| 1:19.3 | The SEC told Coinbase, hey, we're going to sue you, they didn't tell them why. |
| 1:23.8 | But not only that, about in the last March, the SEC told a federal court, court overseeing |
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