SEC is Coinbase's toxic ex.
Just gonna stand there and watch me burn? Well, that's alright, because I like the way it hurts Just gonna stand there and hear me cry? Well, that's alright, because I love the way you lie - Rihanna
It’s kinda clear that SEC doesn’t know what the fuck it wants and what it’s doing. Just like a toxic ex wants to be in control of the relationship and threatens to leave if they don’t get their way, SEC is being that bitch.
I’m clearly not a big fan of centralized anything, and centralized exchanges that halt trading are at the bottom of my fan favourite. However, with the recent drama between SEC and Coinbase I actually sympathize with Coinbase on this one. If you don’t know what I’m talking about, check these tweets out:
Paul Grewal (Chief Legal) winning about the Wells notice from SEC.
Brian Armstrong (Founder/CEO) pulling a sad pepe about the Wells notice.
Ryan Adams (Bankless) calling out thug Gary Gensler.
This fucker Gary was actually an investment banker at Goldman Sachs. The shit that he pulled there is probably worthy of treason to earth’s financial laws. But, now boomer Gary wants to go after shit that he doesn’t understand because it scares the shit out of him.
Where was Gary and SEC during the FTX saga? Where were they when 3AC defaulted due to leverage insanity, and took down Voyager? Coinbase has made real efforts to a) be one of the 1st crypto compliant exchanges in US b) invested in working with the regulators in US for clarity on US crypto laws and c) not fucked over or rug pulled the crypto community. What do they get in return - an anal rape by SEC, that’s what Gary wants to give Coinbase.
No wonder, Brian is crying in the corner. Brian did everything for this toxic ex, but this ex decided to burn his house, his car, and his life anyway.
I wanted to write this post to show some support to Coinbase from the crypto community, that’s really the intention of this post. Nothing more nothing less. We are with your Coinbase, keep fighting the good fight. I’ll give you money and make lots of trades using Coinbase and buy your stock. Don’t you dare rug pull me, though.
Just fucking opinions Gary, don’t sue me.