The SEC argued that unlike collectibles, when a crypto token is purchased, the owner is invested in the network or enterprise behind the token.

Coinbase tells judge that buying crypto is just like collecting Beanie Babies::The SEC argued that unlike collectibles, when a crypto token is purchased, the owner is invested in the network or enterprise behind the token.

  • HelloThere@sh.itjust.worksEnglish
    28·
    10 months ago

    “Not your keys, not your bitcoin” has been a saying for over a decade now and for good reason.

    Do not leave crypto on exchanges.

    People who are shocked about Coinbase saying this, honestly, shouldn’t be fucking about with crypto in the first place as they clearly do not understand what they are doing.

    • bionicjoey@lemmy.caEnglish
      92·
      10 months ago

      The original purpose of crypto was to eliminate arbitrary trust relationships in financial systems. But immediately people started using it as a speculative asset and suddenly there was desire for trust in central infrastructure to be reintroduced. I wonder if you asked any of these crypto-believers who claim governments shouldn’t control currency how they feel about almost all crypto being held in exchanges.

      • chunkystyles@sopuli.xyzEnglish
        4·
        10 months ago

        They’d give you an answer that’s incoherent to their supposed beliefs. The answer would be the one that reinforced their current position. Because that’s what they truly believe in. They want more wealth and power for themselves.