The whining from these crypto execs has got to stop
- Date: 09-Sep-2021
- Source: Business Insider
- Sector:Financial Markets
- Country:Middle East
The whining from these crypto execs has got to stop
The whining about financial regulation from the crypto executives has got to stop. Not only is it a mind-bending display of entitlement, but it also never fails to demonstrate how little some of these individuals — seeped in the tech world — have bothered to learn about finance. Take Brian Armstrong, CEO of Coinbase, for example. On Tuesday he took to Twitter to accuse the Securities and Exchange Commission of being " " for telling his company that it cannot issue a product that the regulator deemed a security, and for launching an investigation into the company. The product the SEC is questioning would allow customers to lend their crypto to the national average of . , Armstrong explained that his company was cooperative enough to give the SEC a courtesy heads up. That, he figured, should show enough goodwill to keep regulators from asking more questions. What's more, , the SEC should have to explain why they consider the product Coinbase was going to roll out a security and not what the company has argued — that the new feature is "not an investment contract or a note." Lending assets to a company which then packages it, lends it