I always do, a I tried to do some research on my guests before they jump on and one, I have always been a fan of you, not trying to blow smoke, but I have been a huge fan you for a while and just even in the last couple days during research holy shit have I learned a lot. I'm very pleased to welcome to the crypto news podcast, Alex Mashinsky. This man is a true crypto pioneer and Trailblazer, Present day, he's the founder and CEO of Celsius, the world's leading DeFi platform. What about receiving interest on your crypto? That's also today's guest. Ever used Wi Fi and the New York City subway system. Ever heard of VoIP? Voice of IP? You know the thing we're using right now to record? He created it. This gentleman is going straight to the Hall of Fame. Listen on other platforms here or explore other episodes of the Cryptonews Podcast here.įolks, today's guest needs no intro. They talk about the businesses of Celsius, Bitcoin price predictions, creation of DeFi, and much more.ġ:12 Getting WiFi in the New York Subway systemġ5:47 How banks and governments are failing us
In one of its most aggressive recent measures against the sector, SEC Chair Gary Gensler, according to Bloomberg, has recently sent a warning shot to other crypto firms selling similar goods.In this episode of Cryptonews Podcast, Matt Zahab interviews Alex Mashinsky, CEO of Celsius Network, a DeFi platform that offers interest-bearing savings accounts. Frances Coppola, an economist, thinks that if interest is imposed or assessed on token lending, these loan agreements are deemed securities under the law. Rather than the SEC going after a little decentralized business and getting a fast decision that becomes the law of the land for DeFi, it’s better for the industry that they take on the SEC. For the larger benefit of the industry, Cuban pushed Coinbase to be proactive in its response to the prospect of legal action. He went on to say that by suing, the SEC gets to play on their home court to control it and that it might modify how DeFi works while simultaneously seeing it expand. 9, calling the action regulation via litigation. Mark Cuban, the billionaire investor and owner of the Dallas Mavericks, advised Armstrong and Coinbase to go on the attack on Twitter on Sept. Coinbase, like XRP, appears to intend to take the SEC to court to establish they went over their charter. When asked if this meant Celsius will be able to effectively handle comparable regulatory scrutiny as Coinbase, he said that everyone will have to wait and see what the SEC decides to do in terms of regulation. Celsius, on the other hand, was a pioneer in the field, and its goods took a long time to develop it helps to be the first to find things out, according to Mashinsky. Coinbase did not request authorization for all assets just USDC was requested.Ĭelsius, which manages over $20 billion in assets, now offers non-accredited investors returns on USDC and other stablecoins. The SEC contends that if paid to non-accredited investors, the yield on USDC is security. According to Mashinsky, Coinbase already offers returns on crypto-assets like Ether, thus the SEC appears to have a problem with paying interest on USDC stablecoin deposits. It’ll take some time before they figure out the regulations and can start racing faster. 8 that everyone in the crypto business was seeking clarity that he thinks they are in some muddy seas right now, and they need to have some clarity.
Similar goods are available on competing platforms Celsius and BlockFi.Īlex Mashinsky, co-founder and CEO of Celsius Network, told Yahoo! Finance on Sept. 8, company CEO Brian Armstrong turned to Twitter to express his disappointment with the regulator’s lack of clarification about why it feels the product is a security. The exchange has been threatened with legal action by the regulator over its proposed Lend program, which would pay customers 4% interest on USDC stablecoin holdings. Since the firm announced in a regulatory filing on Wednesday that it had received a Wells Notice from the US Securities Exchange Commission, support for Coinbase and its CEO, Brian Armstrong, has been flooding in from the crypto community. Mark Cuban recommends going on the offensive, while the Celsius CEO seeks clarification for comparable goods.
8 that everyone in the crypto business was seeking clarity that he thinks they are in some muddy seas right now, and they need to have some clarity Alex Mashinsky, co-founder and CEO of Celsius Network, told Yahoo! Finance on Sept.Mark Cuban recommends going on the offensive, while the Celsius CEO seeks clarification for comparable goods.
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