Coinbase: The cryptocurrency exchange warned by the SEC of potential securities charges
CNBC’s Joe Kernen reports on news from Coinbase. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
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If registering as a broker was a prerequisite than the stock issuers (Goldman, JP Morgan, Barlays), Deloitte (Auditor) and the SEC should be held accountable for taking a "illegal" enterprise public making money off a deal they know was fraudulent and passing the "due diligence" aspect for the company to the unknowing public. Now that SEC is accusing Coinbase for selling unregistered securities since 2024 thats 2 years before Coinbase went public. Shareholder CLASS ACTION LAWSUIT IS COMING.
They are trying to destroy a less risky investment alternative competing with the most risky investment product the US government had been offering, which have already brought down multiple banks. The government bond.
Even if we set aside the SEC investigation, it seems that Coinbase was already on the path to bankruptcy. The company has been struggling to make a profit and they're trying to appear successful even though they're not doing well. Their balance sheet is a mess and even operating in a jurisdiction that's friendly to cryptocurrencies can't solve the underlying issues.
It's no surprise to me, and it's actually pretty sad. Coinbase has had a terrible rep for years because they keep putting a halt on withdrawals during those crazy market drops. It's like they can't handle the demand and don't have enough liquidity for people to cash out. So, to be honest, the fact that they're being looked into by the SEC doesn't come as a shock to me at all.
I don't think Coinbase is going to survive this investigation. Apparently, they had $7 billion in cash back in January, but last quarter it dropped down to just $5 billion, and when you factor in their $3.5 billion in debt, they only have $1.5 billion in net cash. So, it's not like they have all these billions just sitting around. At the rate they're going, they're going to burn through all their cash in just a few months. And if people start pulling their money out of the bank all at once, they're not going to make it through that kind of situation.
They're putting the brakes on withdrawals again, but they're trying to play it off like it's just some routine maintenance. But let's be real, the truth is they're having some major problems with their funds.
They should get rid of every cheating casino exchange. I don’t see how the robbery has been able to go this far. Imagine walking into a casino but the casino gets to see your hand their hand your future hand and their future hand. The casino also gets to see how much is in your pocket that way they know when to dump. It makes zero sense. The biggest scam in history.
Not Approved by Congress ??? OO Gee who needs a Congress when you live in oligarchy . ANd CNBC said nothing about that because Comcast that owns CNBC is Anti-Liberal democracy. These federal agencies just do the Bidding of their BlackRock and Wall Street Globalist masters. Crypto for the Rich and CBFCs for the rest of us.
No wonder SEC is going to press charges against Coinbase, they suspend customers' accounts for no reason. Mine was suspended a few days ago after moving some crypto from other platform.
The DAP = Digital Asset Party. The politicians who support cryptocurrencies are going to win the next elections. Decentralized banking will remove the Big Banks Hands out of the poor people's pockets.
Coin basehave put my sol and atom coin on staking without my consent and I cannot access it for another 5 days till they are done with the updates. Something is wrong
If this was in another country it would be over . The sec and politicians want to take all Americans money …..
It was so wholesome how the episode ended and then seeing the restaurant was closed was like someone threw me a bucket of cold water