🐔 Armstrong is being strangled. Coinbase is being pushed.8 September | by
Hey Moni Maker
Today the whole world celebrates Literacy Day. However, now literacy is only necessary for students of the Faculty of Philology to correct their friends and acquaintances. Gadgets will tell you where to put the comma. And how to correct a word. And so on.
We don't know what the hell that was about. Probably to say that literacy is cool and thanks to gadgets for the help. Okay, let it be.
Digest... Let's go!
The SEC flies in the morning
As Decrypt reports, The Securities and Exchange Commission has warned it will sue if Coinbase moves forward with a plan to offer a new product called Lend that would pay stablecoin owners 4% interest on their savings. The unexpected move is a setback for Coinbase and could spell trouble for other firms that offer high yield crypto products.
Coinbase's Chief Legal Officer, Paul Grewal, announced the SEC threat in a blog post on Tuesday night. In the post, Grewal described how the company had been in discussions with the SEC about Lend for six months but that the agency then abruptly warned last Wednesday it may sue if Coinbase goes forward.
Coinbase publicly announced its plans to launch Lend in June. At the time, the company touted the product as a way for crypto owners to earn far high interest than what is offered at regular banks, and promised to offer a "peace of mind" guarantee as a substitute for the FDIC insurance that comes with traditional interest-bearing accounts.
The Lend proposal did not appear controversial at the time Coinbase announced it. The high yield product it described only applied to USDC stablecoins, which are akin to cash—a more conservative approach than the likes of BlockFi, which has for many months advertised returns of up to 8% on a variety of crypto assets.
7/ Look….we're committed to following the law. Sometimes the law is unclear. So if the SEC wants to publish guidance, we are also happy to follow that (it's nice if you actually enforce it evenly across the industry equally btw).— Brian Armstrong (@brian_armstrong) September 8, 2021
In response to the SEC's legal threat, Coinbase CEO Brian Armstrong lashed out at the agency on Twitter, complaining that his company had attempted to do the right thing, but that the SEC has failed to be transparent about its crypto policies, and is instead "engaging in intimidation tactics behind closed doors."
Armstrong also complained that the SEC has failed to enforce its policies evenly, allowing other companies that failed to seek out the agency's approval in the first place to operate for many months. He also hinted that Coinbase may choose to fight the SEC in court, but described that as a "last resort."
Ugh, it seemed that the bald guy had everything already taken care of and was preparing a place in the Ministry of Justice. And that's how they do it?!
Well, they'll write a fine. They'll get into an argument. That's all, really. What do you want? A public company, it's f*cking hard!
Let's educate? Let's loot? Let's APE?
So why do we write our NFT digests? Hm?!
Press: Loot! NFT Education? Apes and so on! Digest is an artist 1000x!
And they also scapegoated Huobi
The Securities and Exchange Commission of Thailand (SEC) suspended local crypto exchange Huobi and recommended that its operating license be revoked from the Ministry of Finance.
"No evidence was found that Huobi was able to set up an operating system and personnel so that they meet the necessary criteria within the stipulated period," the SEC said in a statement.
Panama on Bitcoin and Ethereum!
Hoy presentamos la Ley de Cripto. Buscamos hacer a Panamá un país compatible con el blockchain, los criptoactivos y el internet.— Gabriel Silva (@gabrielsilva8_7) September 6, 2021
Esto tiene el potencial de crear miles de empleos, atraer inversión y transparentar el gobierno
Pueden ver el proyecto aquí: https://t.co/6FoKdwbkwR pic.twitter.com/xDxfyS9BYI
Panamanian Congressman Gabriel Silva introduced a bill that aims to make the country "compatible with blockchain, cryptocurrency assets and the Internet."
According to Silva, passing the bill would create "thousands of jobs," attract investment and "make government actions more transparent."
By the way, before we forget. There are rallies in El Salvador against the adoption of bitcoin. Here's a character from there:
P.S. Yes, it's clear that not everyone is like that, and this is a person. Let us play propaganda!
VISA now in Brazil
The world's largest payment network, VISA, said it will work to introduce cryptocurrency services into traditional banking systems in Brazil in the near future.
Representatives said they are working with numerous cryptocurrency companies in the country to bring cryptocurrency payment cards to the market, and referred to the future direct integration of bitcoin payments.
market is falling :((((((
Here we go,
Here we go,
Here we go
HODL or McDonalds?
IDO (Initial DEX Offering) is a fundraising event that is conducted in decentralised fashion. Usually startups raise funds and after that adding liquidity to DEX pool, for example on Uniswap or SushiSwap.
And more you can find in our Glossary!
Meme of the Day
And you...buy Bitcoin! (it's a good time!)