Coinbase/COIN Drama

[yogibearbull]

Coinbase/COIN is involved in a controversy with the SEC over its interest bearing Coinbase Lend program. Coinbase wants to lend customer balances in its stablecoin USD Coin (privately backed cryptos with $1 value) and pay back some interest to the holders. Coinbase claims that it has been briefing the SEC and that others have similar programs. The SEC says that it is reviewing the issue and doesn't want more such new programs started and has threatened to sue Coinbase if it goes ahead. Unclear if a public spat on this is helpful for the crypto industry. FWIW, I started a small position in COIN a while ago.

News www.cnbc.com/2021/09/08/coinbase-shares-fall-after-it-reveals-sec-plans-to-sue-over-interest-earning-product.html

Coinbase Blog blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009

COIN Chart stockcharts.com/h-sc/ui?s=COIN&p=D&b=5&g=0&id=p60459299383

[bb2]

Not sure if COIN belongs in Alternatives or Stocks anymore. 

COIN doesn't seem to be benefiting from the FTX demise.

observer.com/2022/11/coinbase-wants-you-to-think-its-immune-from-ftx-contagion-heres-why-its-not/

(Love those URLs/file names that include the article title. A helpful convention started over 20 yrs ago.)

I'm still interested in watching crypto but am thinking the thing needs to take a big pause here, which it is. No idea what's holding up BTC. Whales/collusion, I guess? I'll buy yours if you buy mine?  Not sure that's possible without being arrested.

EDIT:  I get it that BTC has nothing to do with the FTX situation, if the reader is a BTC holder and screaming.  But the whole shebang is under greater scrutiny, which means disbelief once suspended may emerge.  I know my openness is closing.  I'll have to go back and read Lyn Alden's reasons for owning BTC - I think she's still up big.  I heard 75% of BTC is held at a loss now?  Not sure.