Coinbase Rebrands as CoinBETs to Avoid SEC Enforcement
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New York - Cryptocurrency markets were rocked in recent weeks on the announcement that the SEC had brought charges against Coinbase. The Securities and Exchange Commission announced it was charging Coinbase with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.
In response to this, Coinbase announced a unique strategy it was deploying to limit the ability of the SEC to regulate its cryptocurrency platform: becoming a Casino.
To a somewhat puzzled group of reporters and onlookers, a smiling Brian Armstrong hosted a ribbon-cutting ceremony to celebrate the grand opening of their 15-story hotel & casino tower located in Las Vegas.
At the ribbon cutting ceremony, Brian Armstrong announced the re-branding of Coinbase as CoinBETs and the launch of their new platform “Bet Coinbase!”
Inside the Las Vegas casino, crowds of eager gamblers thronged to play on exciting machines ranging from: Tron Slots, Wheel of Solana and Rugtasia.
Stunned lawyers from the SEC were at a loss of words as to how to respond, but many legal scholars have said this may be a “slam dunk” defensive move for the newly rebranded CoinBETs.