9/1/2023 0 Comments My armstrong one wirePrior to the SEC’s lawsuit against Binance in June, the CFTC sued the world’s largest crypto exchange in March, highlighting the uncertainty around which regulator oversees the digital asset market. remains murky as both the SEC and Commodity Futures Trading Commission (CFTC) are vying for oversight of the crypto industry. The regulatory status of digital assets in the U.S. It kind of made it an easy choice… let’s go to court and find out what the court says.” “Delisting every asset other than Bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US. “We really didn’t have a choice at that point,” he said. The regulator argued that by offering these products to customers, the exchange fell under the regulator’s jurisdiction.Ĭoinbase currently offers access to nearly 200 tokens, and this request from the SEC indicates that the agency is starting to push for wider authority over the crypto industry, despite the current legal confusion around the asset class, which was only exacerbated by the recent ruling that XRP is not a security.Īrmstrong said that if Coinbase agreed to the SEC’s recommendation, it would have set a precedent that could result in the majority of American crypto businesses operating outside the law unless they registered with the regulator. The SEC’s lawsuit also claimed that 13 tokens traded on Coinbase – Solana, Cardano, Polygon, Filecoin, The Sandbox, Axie Infinity, Chiliz, Flow, Internet Computer, Near, Voyager Token, Dash and Nexo – qualify as securities. And they said, we’re not going to explain it to you, you need to delist every asset other than Bitcoin.” “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. we believe every asset other than Bitcoin is a security,” Armstrong said. “They came back to us, and they said . . . Securities and Exchange Commission (SEC) asked the exchange to halt trading all cryptocurrencies other than Bitcoin prior to filing a lawsuit against the exchange on June 6.Īccording to a report from the Financial Times (FT), Armstrong said the SEC made the request before it launched the legal action against Coinbase for allegedly operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency, and failing to register the offer and sale of its crypto asset ‘staking-as-a-service’ program. ( Kitco News) - Coinbase CEO Brian Armstrong said the U.S. Receive a comprehensive recap of the day's top stories directly to your inbox. The use of any third party trademarks on this site in no way indicates any relationship between and the holders of said trademarks, nor any endorsement of by the holders of said trademarks.Get all the essential market news and expert opinions in one place with our daily newsletter. remain the property of their respective owners and are used by only to describe products and services offered by each respective trademark holder. does not offer internet, TV, or home phone service. is a website intended for research, review and comparison and, as such, falls under "Fair Use". Certain providers listed on our website offer us affiliate revenue, or a referral fee when you order their service.ĭisclaimer: All rights reserved. We continuously update the website to provide you with the latest deals and most accurate information. We provide information collected from providers, publicly available websites, and government sources. Affiliate Disclaimer: is an independent, review, availability, comparison, and research website that is supported by advertisement, referral, and affiliate compensation.
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