![]() ![]() After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market. When our award-winning analyst team has a stock tip, it can pay to listen. Should this trend continue, Stacks could be a compelling token to watch this year. However, investors looking to get in front of the official announcement appear to be buying Stacks en masse today.įor now, Stacks looks like an interesting Web3 project, with growth that's starting to be recognized by the big exchanges. Thus, there's still some uncertainty with respect to this listing. It should be noted that while inbound transfers for the STX coin are now available on Coinbase, this token will only be available for trading should liquidity conditions be met. In bull markets, this has led to returns in excess of 90% in the five days following a Coinbase listing. Essentially, the increased liquidity that large-scale exchanges provide allow for a broader investor base and more eyeballs on the specific tokens that get listed. Stacks is the latest recipient of the "Coinbase effect," a term coined (no pun intended) for tokens seeing impressive appreciation following a Coinbase listing. Seeing which tokens have unique catalysts is easier to do on days like this, when there are only a few winners. He explained why he thinks the SEC’s claims are “more of the same old same old” in a series of seven posts.On a day like today, when the market is bright red, picking through the tokens that came out ahead in a big way can be a valuable exercise. ![]() Paul Grewal, who is Coinbase’s Chief Legal Officer, expressed his dissatisfaction with the SEC’s ongoing arguments. After all, investors are not purchasing those assets to own a digital sequence of letters and numbers.”Īlso Read: Crypto Expert Bill Morgan Questions SEC’s Cryptocurrency Definitions Coinbase‘s Response Without the access to a service or the intellectual property those crypto assets signify, they would be worthless. But the token (which is just software) has no innate or inherent value of its own-it is tied to its underlying value, which for the crypto assets at issue in this case, is the investment contract. If crypto assets embody some underlying value (like an entry on a ledger), that value is accessed through the digital token. “Crypto assets are unlike the tangible assets sold in those cases. However, it’s saying that most cryptocurrencies are different from traditional assets because they don’t have any intrinsic value on their own. In this case, the SEC is saying that the tokens it’s talking about meet the criteria set out in the Howey Test. To support its stance, the SEC is using something called the “Howey Test,” which is a well-known legal principle.įor many years, the SEC has used the Howey Test to classify various investments, including things like chinchilla farms and whiskey caskets, as investment agreements. The SEC has asked the court to dismiss Coinbase’s assertion that trading cryptocurrencies isn’t a kind of investment agreement. Input the amount of ETH you'd like to exchange for Stack. Tap or click the 'Swap' icon in the Assets tab, then select 'Choose asset' and pick Stack Treasury. Once you've added ETH to Coinbase Wallet, you can you can swap your ETH for Stack Treasury right in the mobile app or browser extension. The central point of conflict revolves around the SEC’s argument that cryptocurrencies lack any intrinsic value.īut what does this mean for the future of digital currencies, and how might it impact the way we view these innovative assets? Let’s explore. Use your ETH to buy Stack Treasury in the trade tab. The Securities and Exchange Commission (SEC) has once again found itself in the spotlight, this time for its role in the SEC vs Coinbase lawsuit. Coinbase's Chief Legal Officer, Paul Grewal, has criticized the SEC's arguments, saying that the SEC is making claims about the law without providing any legal references to back them up. ![]()
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