The most interesting part is how the SEC thinks everything other than Bitcoin is "a Security". The fact that they refuse to explain their thinking shows they know they have no valid pretext for making this conclusion. This is the culmination of many mistakes by Coinbase, who, had they been run by a Bitcoiner, would not be having this trouble today.
Similarly, Coinbase was for SegWit2X, for regulation of speech (Bitcoin) and every other bad idea under the sun that has been spawned by misunderstanding Bitcoin.
They incorporated and based themselves in New York, and supported the abominable BitLicense, rather than picking up stakes and moving to another jurisdiction. They supported multicoinism and helped normalize and spread it to the detriment of Bitcoin.
They supported KYC/AML to use databases. An unforgivable compounding error.
Meanwhile, Blockchain .info the other twin created at the time Briain Armstrong and the founder of Blockchain .info parted ways on the creation of a new Bitcoin company, for all its flaws, is chugging away in London.
Even if Brian wants to make the right arguments now, it will be a hard sell for him, if he can even muster them, having convinced himself that altcoins are "assets", convinced others that they are by "engaging" with the SEC to try and curry favor and buy legitimacy.
This is not 20/20 hindsight. Many people have been saying these things about Coinbase and altcoins for years, and have refused to touch them or New York with a barge pole.
medium.com/swlh/why-america-…
and
medium.com/@beautyon_/the-bi…
are just two examples from me alone, with many more you can find for yourself. All of this was predictable. Completely predictable.
Unfortunately, some people are impatient, and don't have the character to build slowly and carefully on Bitcoin. They are faddish, frustrated entrepreneurs who are desperate to prove something; this is a character flaw that draws people to altcoins, NFTs and other garbage.
Meanwhile, problems with altcoins aside, this sends a clear signal to all developers in the USA that they had better move their incorporations and anything that touches America to a safe jurisdiction. All of this has happened before:
"Every US ICO has the stain of a ruling on them. Every ICO based outside the USA does not. If you were smart, and avoided US jurisdiction today's unilateral ruling by District Judge Raymond Dearie has no bearing or impact on your operations in any way.
@GiftOff are a good example." Sep 11, 2018
twitter.com/Beautyon_/status…
Coinbase is the AOL of Bitcoin.
twitter.com/search?q=coinbas…
it is doomed to the same fate as AOL, something that no one remembers, a line in a history book recounting the story of Bitcoin's ascendence. Remarkable!
Every US ICO has the stain of a ruling on them. Every ICO based outside the USA does not. If you were smart, and avoided US jurisdiction today's unilateral ruling by District Judge Raymond Dearie has no bearing or impact on your operations in any way.
@GiftOff are a good example.