This is a nightmare for Coinbase. The most famous platform for buying and selling cryptocurrencies in the United States woke up on June 6 with a complaint filed against it by the US Securities and Exchange Commission (SEC).
The SEC alleges that Coinbase (COIN) has been operating illegally since 2019 as “an unregistered national securities exchange, broker and clearing agency.”
According to a statement, the Wall Street regulator accused Coinbase of “failing to register the offer and sale of its crypto asset staking as a service program.”
“We allege that Coinbase, despite being subject to securities laws, mixed and unlawfully offered exchange, broker-dealer and clearing house functions,” said SEC Chairman Gary Gensler.
“Like other parts of our securities markets, these actions are separate. Coinbase’s alleged failures deprive investors of important protections, including rulebooks preventing fraud and manipulation, proper disclosures, safeguards against conflicts of interest, and SEC regulations. Routine inspections by
The dispute between the SEC and Coinbase revolves around two points: Is cryptocurrency a security? And what about staking service? They are securities to the SEC.
A security, according to the agency, is “an investment of money, in a common enterprise, with a reasonable expectation of profit derived from the efforts of others.”
The SEC refers to the Howe Test, a 1946 Supreme Court decision that determined what an “investment contract” was and therefore would be subject to US securities laws. An investment contract exists when money is invested with the expectation of profit.
Viewed in this light, according to the SEC, any coin except bitcoin is a security.
In addition to coins, the SEC is also targeting staking, which is a method in which investors lock up — or stake — their crypto tokens with a blockchain validator. The goal is to be rewarded with new coins when their crypto tokens become part of the process of validating data on the blockchain.
For billionaires Jack Dorsey and Elon Musk, the SEC crackdown means Coinbase can now focus on bitcoin and dogecoin, their favorite cryptocurrencies. He said this in a thread on Twitter started by Pierre Rochard, VP of Research at Riot Platforms. It is important to note that Rochard is a bitcoin evangelist.
bitcoin and dogecoin
“Coinbase should focus on #Bitcoin,” Roschard posted on June 6, reposting a 2015 tweet by Coinbase CEO Brian Armstrong.
Armstrong said on February 23, 2015, “Ripple, Stellar, and Altcoins are all a distraction. Bitcoin is far ahead. We should be focusing on Bitcoin and sidechains.”
Coinbase should pivot back to being focused on #Bitcoin pic.twitter.com/RFKzKTKMko
— Pierre Rochard (@BitcoinPierre) June 6, 2023
Dorsey, a bitcoin evangelist, agrees in light of the current regulatory and legal environment.
“💯,” agreed the billionaire.
Musk said Coinbase should focus on Dogecoin, the meme coin in which the billionaire is the biggest influencer besides bitcoin.
The tech mogul commented on Dorsey’s tweet, ‘Doge ftw’.
Doge ftw
— Elon Musk (@elonmusk) June 6, 2023
Bitcoin (BTC) is the leading cryptocurrency by market cap. It currently has a market capitalization of around $507 billion, which accounts for 44% of the $1.15 trillion cryptocurrency market, according to data firm CoinGecko. Dogecoin (DOGE) is the number 9 cryptocurrency with a market cap of $9.6 billion.
Dorsey also dismissed ether (ETH), the No. 2 cryptocurrency by market capitalization — $222.1 billion — and the native token of the Ethereum blockchain, which allows for the development of decentralized finance or DeFi applications.
“Is ETH a Security Jack?” The co-founder of Twitter was asked by a Twitter user.
“Yeah,” Dorsey replied.
— jack (@jack) June 6, 2023
Basically, Coinbase will be in trouble for continuing to offer Ether because the SEC simply does not consider bitcoin a security.
Elon Musk Confirms Neuralink Begins Human Trial—
Elon Musk and his co-founders at neurotech business Neurolink announced Thursday that the Food and Drug Administration has given the company permission to conduct its first nonhuman clinical trial. The company is working on a robotically implanted device that can measure brain activity. Can decode and transmit information to computer.
If it is approved by the US FDA it will be a significant step forward as the business has up to this point used exclusively animal research, the FDA has given us the green light to begin our first nonhuman clinical study and we are delighted Will not tell that Elon Musk retweeted the message.
Congratulating his team, saying this is an important first step that will one day allow our technology to help many people, the FDA issued a statement on Friday, even though it generally does not allow human clinical trials. Not ready to approve. The FDA acknowledges and understands that Neuralink announced that it was approved an Investigational Device Exemption for its implantable R1 robot.
Musk exaggerated the importance of regulatory approval in 2017, saying a spokeswoman for the agency said in a statement Friday that the FDA and it can now begin human clinical trials for its device.
Officials at the time did not directly respond to Musk’s claim and it was clear that no formal process was followed to approve such a project. What is Neurolink Neurolink is a privately held company as of 2016. Plus a larger campus is being built outside Austin, according to data provider PitchBook.
The company has over 400 employees and at least $363 million in funding in the field of brain-computer interfaces. Where scientists and engineers are working to create electronic implants that will decode brain activity and send it to a computer. Neurolink has attracted tremendous resources as well as the attention of investors.
Multiple sclerosis may be able to regain function thanks to this technology, which has been under development for several years. At least 42 individuals worldwide have received brain computer implants thanks to businesses like BlackRock Neurotech and Syncron. , who have already put their money into these devices for clinical trials.
Made it possible for people with disabilities to perform tasks previously only possible in science fiction, such as a paralyzed man hitting President Barack Obama with a robotic arm or an ALS patient typing by thinking of the keystrokes they want to make Neuralink. The larger goal of developing a device that not only repairs but also improves human function.
Unlike most businesses that aim for brain implants, which often focus on people with medical needs, April said in a tweet that she aims to use her technology to explain how brain chips work. To improve human performance by doing An electrode loaded computer chip is sewn onto the surface of the brain. The business has built both a robotic surgery device and an electrode-laden computer chip, unlike some of its competitors.
Neuralink is pursuing a more aggressive high-bandwidth method in the hopes that its setup will facilitate faster data flow from the brain to the computer then gadgets with fewer electrodes or those placed outside the surface of the brain, Musk said. While the technology may be updated frequently, Musk said in late November that he believed Neuralink would begin human trials in six months.
I am pretty sure that if the iPhone 14 is available then you would not want the iPhone 1 to be stuck in your mind. taught him to play the video game pong with his ideas, though the business has also given extensive high-tech presentations on his technology, including how it would reduce the likelihood of brain tissue being damaged and implant deteriorating electronic brains.
The corporation has also come under fire for its use of animals in research, in response to the Committee of Physicians for Medicine responsible for investigating serious safety concerns arising from business practices in response to the use of animals in research.
Elon Musk needs to curb his obsession with sticking a device in our heads if he cares about patients’ health, a non-invasive brain-computer interface, a committee of physicians said in a statement Friday. Will fund While the device’s success in gaining regulatory approval or finding a market is not guaranteed by human clinical testing, the FDA will undoubtedly conduct a thorough examination of the safety and dependability of Neuralink and other manufacturers’ products.
In addition, Neuralink and others have to deal with the ethical and safety issues brought on by a technology that potentially harms transplant recipients. A Cognitive Edge will begin the first human clinical trial It is uncertain when clinical studies may begin. Only patients with specific disabilities such as paralysis, blindness, deafness or the inability to communicate are allowed to participate, according to the patient registry on NeuraLink’s website.
One of Elon Musk’s boldest investments is the brain computer interface, a part of his business empire that includes electric automobiles and space rockets, as well as social media and generative artificial intelligence that will power the tech giants after getting people into orbit. will give power to Earlier this year, Musk incorporated Xai, a business competing with Microsoft and Google.
While doing so he has been spending a lot of time on Twitter, the social media platform that paid $44 billion last year in a promise to restore free speech to each firm due to his busy schedule.
Along with visiting the Bay Area and their SpaceX factories, as well as appointing advertising veteran Linda Yacarino as CEO of Twitter earlier this month, Musk said he relieved her of some management duties associated with the social media network. Will go that the race to chip people’s brains and Elon Musk engineers and scientists are developing an electronic brain implant inside the high-ceilinged live oak shady structure since their acquisition last year has created an electronic brain implant that mimics a person’s brain can copy.
Just thinking about it, the typing technology comes out of the science fiction created by billionaire Elon Musk, though it has a different goal, with people who have lost the ability to speak or type back their voices. Yes, investors have included Paradynamics. In the hope that it will succeed where Musk’s Elon Musk Corp., a competing business with more money across town, has failed.
By talking about using brain implants to help people keep up with breakthroughs in artificial intelligence and even hinting that he brought up Elon Musk himself. As a result of Elon Musk investing tremendous resources and star power into Neuralink, the race to connect the human brain to electronic devices has brought the field into the public eye.
In doing so, it has raised the profile of rivals that are ahead of it in some ways and raised its legitimacy in the eyes of investors, according to a review of financial reports from Paradynamics and three other important businesses since Musk launched Neuralink in 2017. It similarly received over $240 million from other billionaires, Bill Gates and Jeff Bezos, to support a competitor who joined The Fray.
The Synchron Inc brain computer implant has been used by at least 42 people worldwide in clinical trials, including an amputee who punched Barack Obama in Australia in 2016 using a robotic arm.
According to the report and typed his comment using a Synchro implant a minute later, when asked what he expected, he promised that he would try to improve the system for other users, giving companies food and drug The administration will need to be convinced. that their technology is safe enough to be implanted in individuals in order to commercially commercialize such a device.
They also have to deal with the serious ethical and safety issues brought on by a technology that could one day offer cognitive benefits to healthy individuals. The main players are attempting to convert body signals to the brain so that they can be transmitted directly to an electronic device. can be broadcast, for example allowing a person to move a cursor by thinking about it, despite the fact that their strategies differ.
Although Elon Musk has publicly discussed enhancements, early applications of the technology will be for the following. We believe that someone who has basically no other interface to the outside world can use it, Musk told an audience in November. , he’ll be able to control his phone better than anyone who has working hands Neurolink is the biggest business ever, with the most audacious aim to create a high-speed interface between brain and gadget for the masses What can happen; what can be done.
While the development of methods to treat spinal cord and brain damage has also led to Musk’s impact on the industry, it has been acknowledged by nearly all executives and investors in the sector. In relation to neurotechnology. While some claim that it has a dual effect. Marcus Gerhardt, CEO of BlackRock Neurotech, credits the success of Rising Tidal for generating widespread interest among investors and customers, yet he expresses concern that NeuroLink may not be able to meet those expectations.
Matt Engle, CEO of Paradynamics and a relative competitor of Neuralink, claimed that all of their competitors have responsible people who want to ensure that the devices are safe competitors of Neuralink. Highlight aims to aid in the recovery of physical control for people with paralysis, according to a January study by Stanford researchers that has not yet been peer-reviewed.
An area of the brain’s electrical signals has been studied by scientists over the past century for the intensity of their skill at translating the president’s fist bump to the slurred vocalizations of a woman with ALS at a rate of 62 words per minute . But in the early 2000s the modern era of connecting cyber activity to computers boomed with a pioneering business called Cyber.
Kinetics of companies working in the field differentiate between those using externally worn implanted devices and those reading brain activity through external devices, similar to a sporting event in the field of brain computer interface technology. Often used by analogy. It’s like hearing spectators from outside the stadium clamor for devices that fit over the head in terms of devices that reach the brain.
This is comparable to placing microphones on a stand and listening to specific people speak, the goal of many implant designing businesses is to record as many of these figurative microphones as possible, in the hope that by doing so brain activity can be detected. May go. This would be the fastest way to get the clearest signal and transmit it to a computer, with some claiming it was possible to receive a stronger signal without disturbing the brain and that doing so posed less risk in a research released on January 14.
Adults with brain computer implants from 2004 saw surprisingly few negative side effects as there were no fatal or permanently crippling side effects, leading the authors to conclude that its safety record is on par with other chronotypes.