저자: KathyWood · 외국인
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결론: 캐시 우드는 SEC 소송으로 코인베이스 불확실성이 커졌지만 오히려 장기적으로 코인베이스에 유리하다고 보며, 비트코인 100만 달러 목표를 유지한다. 코인베이스 소송 관련: 코인베이스 CEO 브라이언 암스트롱은 SEC가 바이낸스와 같은 날 코인베이스를 제소한 것은 부당하며, 바이낸스와 달리 코인베이스는 자금 혼용 등의 혐의가 없다고 주장한다. 쟁점은 증권성 판단과 스테이킹 두 가지다. 사법부가 SEC 결정에 의문을 제기하고 있어 법적 다툼이 수년간 이어질 수 있으며, 바이낸스의 규제 리스크가 커지면서 코인베이스의 경쟁 우위가 강화된다고 본다. 비트코인 전망: 캐시 우드는 글로벌 경제 불확실성이 클수록 비트코인에 대한 확신이 커진다고 말한다. 최근 인플레이션 공포는 공급망 요인이 컸으며, 향후 리스크는 인플레이션보다 디플레이션이라고 본다. 디플레이션 상황에서 비트코인은 전통 금융의 거래상대방 리스크에 대한 해독제 역할을 하며, 블록체인 거래의 투명성이 이를 뒷받침한다고 주장한다. 규제 대응: 암스트롱은 SEC의 제소에 실망했으며, 공개 상장 시 충분히 투명하게 공시해 왔다고 강조한다. 게리 겐슬러 SEC 위원장의 의회 발언이 상충된다고 지적하고, 공식 질의에 답변이 없어 법원을 통한 명확화가 불가피했다고 밝힌다. 자산 범위 관련: 코인베이스 월렛에서 거래 가능한 약 1만 6천 개 토큰에 대한 비판에 대해, 중앙화 거래소에서는 약 1천 개를 검토해 90%를 거부하고 약 200개만 상장했다고 설명한다. 탈중앙 금융(DeFi)은 코인베이스가 운영하지 않는다고 선을 긋는다. 증권성 논쟁: 전 SEC 인터넷 집행 책임자 존 스택은 SEC가 IPO를 승인하지 않으며 추가 규제나 공시가 요구될 수 있다고 본다. 코인베이스는 브로커-딜러 라이선스를 취득해 암호화폐 증권 거래 가능성을 열어두고 있으며, 비트코인 외 대부분을 증권으로 보는 SEC의 입장은 법과 다른 국가 규제 당국의 입장과 맞지 않는다고 주장한다. 출연자 전망: 암스트롱은 이번 소송이 미국에서 업계를 위협한다고 보고 법원의 명확화를 요구한다. 캐시 우드는 코인베이스와 비트코인 모두에 대해 장기적으로 긍정적이다.
다듬은 글
hi everyone this is Ike with the money Channel Kathy word from Arkham vast is seemingly bullish on both coinbase and Bitcoin after the SEC has clearly chosen to pursue coinbase in a legal battle listen to what coinbase CEO Brian Armstrong has to say last July we were just talking about this you actually sold out of some of your holding citing that regulatory uncertainty given the widening Crackdown would to some present an even bigger existential threat at the moment what kind of forms the the ball case for adding to that position now for you yeah um what we're seeing is that the judicial and legislative branches of our government you know separation of powers are starting to weigh in on this topic and um the regulator the SEC is part of the more part of the executive branch appointed by the president uh and we're as we're seeing cases go through Court uh in the judicial system the SEC I mean the the judicial system is questioning the sec's decisions here uh and so we think this is a good thing we actually think this is uh going to be uh in the the courts and in legislation for perhaps years uh and what has happened in the meantime uh we have binance under increasing regulatory scrutiny for uh more criminal activities and fraud being one of them uh and uh and therefore we have the competition to coinbase really um we think it's disappearing and so that's a good thing longer term for coinbase and Kathy you're still maintaining your confidence across crypto more broadly are you still confident in that one million dollar Target for Bitcoin for Bitcoin uh Yes actually the more uncertainty and volatility there is in the global economies uh the the more uh our confidence increases in Bitcoin um and and one of the reasons is we've just been through an inflationary scare we think it was very much supply chain driven and uh and and uh Bitcoin was is a hedge against inflation uh we also believe now that the bigger risk is deflation not inflation and why would Bitcoin do well in that circumstance it would do well uh because it's an antidote to counterparty risk in the traditional Financial system on the Bitcoin blockchain everything is transparent and maybe pseudonymous but we can see all the transactions all of the activity and therefore we have a much better understanding of how little counterparty risk there is uh in the blockchain world Kathy so what you're saying is that you expect those accusations on binance to actually Prevail if you're expecting coinbase to actually benefit from this and wouldn't that lead to actually more regulatory Crackdown on coinbase if it's actually become a bigger player even in this industry it was interesting to see uh the SEC Sue binance on one day and then the next day uh coinbase and they were trying to put them in the same bucket they are not at all in the same bucket we have two former officials of binance U.S coming forward and actually we Now understand that they have been working with regulators and the government generally to help the government understand how binance U.S was not separate and distinct from binance International and how much CZ controlled binance Us and how much of binance is uh data was in China and how much commingling of funds there were coinbase is not accused of any of this and it is unfortunate that the SEC took action against coinbase the day after binance and then seemed to Mud at chairman Gensler as he was on uh one of the major news channels was trying to implicate coinbase in the same way that he was implicating uh binance no the the they're they're very different uh there are questions about what's a security and about staking those are the two questions uh that coinbase is is facing and binance is facing but most of the other questions around binance have nothing to find this help us understand from your perspective when you first saw this lawsuit uh what your reaction was yeah I mean we were disappointed to see this complaint from the SEC because I feel like we've had a long history of being very transparent with them and really every regulator around the world that we've worked with so even going back to 2021 when we became a public company you know before becoming a public company you have to disclose everything about your business in depth there was many back and forth revisions of our S1 and frankly you know they they had every all the knowledge then and they allowed us to become a public company and then we're going through time and you know chair Gensler has statements to Congress saying that he doesn't feel he has the authority to regulate this industry and we're seeing conflicting statements from the cfdc and the SEC chair and we even filed a formal petition with the SEC asking them for clarity about a number of points in the law which they never responded to and then this Wells notice and and a complaint arrives and so this isn't good for America it's not good for the industry obviously and we now need to go get clarity from the courts chair counselor was on CNBC yesterday I want to show you a clip and get you react coinbase we note that they have through the coinbase wallet you can trade 16 000 different tokens and there's a lot of debate as to the use cases and whether there's any there there look we don't need more uh digital currency we already have digital currencies it's called the US dollar it's called the Euro it's called the Yen they're all digital right now we already have digital Investments and you you have digital you have entrepreneurs representing digital Investments on this program all day long and it's it's whether it's the big tech companies the automobile companies uh you name it It's All Digital right now the investing world so what is the real underlying value of these tokens and that's why you need full fair and truthful disclosure do you think this is about disclosures or do you think this is about the underlying currencies that are on on your exchange it's tough to know what exactly what he means by that I mean um our self-custodial wallet is not trading crypto uh the ones that he mentions a huge number that's happening in defy that that's not something that we actually operate the trade trading out our centralized exchange is really trading a much smaller number of assets we've we've reviewed you know over a thousand Assets in crypto we rejected 90 of them because we felt they weren't appropriate for our exchange and about 200 of them are listed on our centralized product and I don't know to his to his point about you know what's the there there right um people are using crypto for all kinds of things they're not just trading and they're doing payments with it you know Ukraine raised 200 million dollars and presidential candidates are taking it and it's a new technology that can be used to update all kinds of financial services and we don't we don't need the government picking and choosing our technology winners let's let the market decide that we had John Stark their former SEC office of Internet enforcement chief for 11 years he was on earlier he said it's very specific that in the IPO the SEC does not bless does not approve these things and it says very specifically they could come back and say that there is additional regulation that's required or additional disclosures or additional filings and I think what they're very specific about is you call yourself an exchange you call yourself a broker dealer when it comes to prime those are things that you need to register for if you're going to be you know either an exchanger broker dealer just like the NASDAQ or the NYSE would have to a couple points one is that if you're trading Commodities you know that doesn't necessarily apply right we have actually gone out there and acquired a broker-do license because we wanted the ability to trade crypto Securities there's actually I think there could be a big robust Market of crypto Securities trading in the US even though we don't list any Securities today and by the way I think you're right the regulator does have the right to come you know edit their thinking at times and come back and say you know here's a new set of rules great we'll be happy to follow those the issue in this case is that we're getting conflicting statements from The cfdc Head and the SEC head and then the statements from the SEC are are so you know out such an outlier they're saying everything other than Bitcoin is a security well that's not our interpretation of the law that's not what the law says and so and that's not what the position of every other country around the world their financial Regulators is taking and so I don't think we really had a choice honestly we had to go to court really see if otherwise this industry is just not going to exist in the United States
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