In this commentary, the presenter revisits the Electroneum community’s petition to be listed on Coinbase, walking through Coinbase’s publicly stated asset‑selection framework and questioning why the exchange appears to list privacy‑focused or legally contentious tokens while claiming a strict legal‑risk assessment. He contrasts Electroneum’s compliance posture with the treatment of assets like Ripple and Zcash, notes the technical integration steps Coinbase outlines, and argues that Electroneum meets many of those criteria. The video also touches on how a Coinbase listing could boost liquidity and visibility, but the host remains skeptical about the transparency of Coinbase’s decision‑making, citing rumors of favoritism and alleged FBI scrutiny. He concludes that while a listing would be beneficial, the process seems opaque and possibly driven by factors beyond the stated criteria.
Chapters
Hey you, welcome back to the channel. And guys, today I want to revisit a topic, uh, in the Electroneum community. Uh, some months ago, uh, we talked about, um, Electroneum being on Coinbase. We talked about things like Electroneum being on Binance, and many of us came to the conclusion that whether we were on Coinbase or whether we were on Binance or what have you, that it really wasn't necessary for going forward in the future with Electroneum. And I agree, I agree with that. However, I did find this interesting and I wanted to talk about it because it kind of was a bit confusing for me. And when the petition was going on about Electroneum, I was pretty sure that we would seriously be considered after all of the compliance things we dealt with. And, uh, you know, with, uh, being forthcoming, and you can contact people who are at the head of Electroneum, and there are people who could be held to some legal responsibility in that regard. So I was kind of pretty much like, we got this in the bag, uh, if, if, you any coin should be selected. But anyway, guys, I want to just talk about this a little bit today. Read some of their rules or some of their criteria for how they select the coin, and we'll probably end up more confused after this. But I just thought it was interesting, something to think about. Anyway, another reason I felt we should be added to Coinbase, and it's just, to me, it's just not a matter of whether we need it or not. It's just the fact that if you're supposed to be a, um, a legit, a good company, that you should stick with your criteria. And it's not hard to find tokens that meet that criteria and that are, uh, can, are more helpful to reducing legal concerns. But anyway, let's read some of the things they're talking about here. It goes, an internal asset selection committee uses our digital asset framework to make an initial recommendation of which new asset to add to GDAX. As part of this process, the committee will conduct a legal and risk assessment of the proposed asset. So let's, let's just stop right there. It says the committee will conduct a legal and risk assessment of the proposed asset. That means, you know, of course they don't want to be sued. They don't want to issue, uh, tokens that may be classified as a security or something like that. And that's where I want to kind of stop the Ripple community, the XRP community. I know a lot of them feel like they should have been added to Coinbase a millennia ago. But the problem is, you know, after the issues came up about Ripple being a security and various things like that, you know, I think that, you know, maybe frightened Coinbase off and the lawsuits and various things like that. So they say here they're concerned about the legalities and risk. Well, my confusion and my question is, if you're being compliant, uh, with the government, if you're going under Know Your Customer rules with your tokens and your assets, you know, wouldn't that pose less legal responsibility than, you know, pretty much any other token they've added? I believe it was Zcash they added last. Isn't that a privacy coin? You know, how legal are those? The next thing they're going to say, if the asset passes by the legal and risk review, the recommended asset is presented to the Coinbase executive team for approval. If approved by the executive team, the asset selection committee promptly announces which new asset will be added to our platform. This decision is announced both internally and to the public via our blog and Twitter. The engineering team begins the technical integration to support the new asset. Customers can expect to see public-facing APIs and other signs that the asset is being added. An announcement is made via our blog and Twitter when we begin final testing of the technical integration. An announcement is made via our blog and Twitter when the integration is complete and we are ready to allow deposits of the asset. We will— excuse me— allow at least 24 hours of deposits before opening an order book for a new asset after evaluating factors. Criteria number 7: after evaluating factors such as liquidity, price stability, and other market health metrics, the internal asset selection committee may choose to add the asset to the Coinbase platform. Uh, and this is some things, some questions that they were asking that seemingly has been answered, looks like, in their criteria here. Uh, so they also talked a lot about— I've seen on some of their other blogs that they, uh, listen to the community, uh, desires to be added. And so when we did the petition you know, back so many months ago, or whenever it was, wasn't— shit, couldn't that be considered, uh, you know, a lot of the Electroneum community was kind of against it. They say, oh, that's not the way to go, that's not part of the, uh, process of selection for Coinbase. But I mean, if they're saying that they get the— they, they make the decision to consider a coin from community outcry, why wouldn't that be that, um, You know, and again guys, this is, you know, this has nothing to do with if Electroneum can— needs Coinbase or they need Binance or any of that. But, uh, if this is their criteria and they're a major company in the cryptocurrency space, it just would seem that we fit right on that. Now, um, I am not a technical person, you know, I'm not a developer. I dabble, I dabble in some codes and things, but that's not really my forte. But now they do talk about the API and connecting the network, uh, over to them. And, and so I don't know all the technical details of maybe how difficult that would be to connect Electroneum over to them. At that part, I do not know. But as far as I can see with everything else, uh, it would seem if you are considering risk assessment, first I would like— I would probably see a token I can reach out to and there's a real business behind it, and if there are any legal problems, I can find the people responsible for it. Wouldn't that make a little bit more sense to you all? Uh, so this is very interesting, guys. Um, you know, obviously I'm not going to say being on Coinbase, being on Binance hurts us. You know, that would be ridiculous for us to say that. Uh, we've seen getting listed on hit BTC, uh, our volume has picked up, and, and that's obviously a good thing. That means our liquidity picks up, so that's why we want to be on major, uh, uh, platforms like this. But, uh, I don't think, um, you know, overall it will stop us in our overall plan. May hinder us a little bit going forward, but I don't think it would stop us overall. But, uh, you know, I think it would be a good thing if we were on Coinbase and Binance, obviously. But I just want to revisit that a little bit guys with Electroneum to, to say that, um, I thought we had it in the bag, but Coinbase has a weird selection process. They're selecting privacy coins, but they're saying they're concerned about legal risk, which makes no sense. In fact, many of these coins they've selected are weird to me, uh, and, and I don't see how it prevents them so much from these— this legal assessment and legal risk that they're they're talking about. Um, but guys, that's all I wanted to say. Uh, maybe it's not the end of it for Electroneum. Um, you know, I, I still believe Electroneum is a good fit for Coinbase, and I don't know why they don't see that, especially we were down, you know, in the, in the, uh, 40s. We were in the low 40s. I think we were like 42 at one time, weren't we? And we were rolling. So very confusing to me on the Coinbase thing. Um, I'm not going to lose any sleep over it though. I'm not going to contact Coinbase. I'm not gonna, you know, if Coinbase Research is that bad, uh, then, uh, Coinbase is not something I'm, you know, uh, see as a, as this very respectable business anymore. Uh, you know, in fact, it's probably rumor, but I've been around on forums and I've heard that, you know, Coinbase has this thing where they select their buddies. I've heard all kind of crazy things like the FBI is after them. I don't know if any of this is true or just rumors, but their selection process looks weird. But guys, that's all I want to say. Uh, guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.
