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The SEC and several states argue that the product constitutes a unregistered security offering. Coinbase claims staking is not a security, maintaining that it is a "core part of ensuring the cryptoeconomy functions for hundreds of millions of users around the globe."
Calling staked coins "a security" might be considered an extreme compliment. Most POS tokens/coins are really just glorified Ponzi schemes, if we are really honest, is this correct or not?
The ponzi scheme works differently. There, old users make a profit at the expense of attracted money from new users. If ecosystem tokens are used and have value, then this is no longer a ponzi scheme. And staking is also different, you can create your own node and maintain the network to get a reward for it.
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SEC asked Coinbase to halt trading in everything except bitcoin, CEO says
Request would have meant ‘the end of the crypto industry in the US’, according to Brian Armstrong
https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4dIn the cryptospace, calling some type of coin or token a ponzi scheme would open an argument that other coins and tokens of a different type might also be ponzi schemes. This is reality.
Also to take the argument further, from a ponzi's definition, assets of any type traded in markets also of any type can also be considered ponzi schemes, including bitcoin, stocks and futures. For older investors to make money, new money should enter the market.
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. With little or no legitimate earnings, Ponzi schemes require a constant flow of money from new investors to continue. Ponzi schemes inevitably collapse, most often when it becomes difficult to recruit new investors or when a large number of investors ask for their funds to be returned."
Just because every project wants to hype doesn't mean it's a new Ponzi scheme. I prefer to use the SEC clarification, where everything is clear and examples of such schemes are given.