Analysis US SEC action on Coinbase puts crypto exchange Binance on notice.
The mark of the US Securities and Exchange Commission and cryptocurrency exchange Binance is seen in this print taken on June 6, 2023.
REUTERS Dado Ruvic/Photo WASHINGTON, June 8( Reuters) Some U.S. crypto exchanges are on the decline after the Securities and Exchange Commission( SEC) sued two of the world's largest crypto exchanges,
Coinbase and Binance, for violating its rules. line of fire. The SEC said on Tuesday that Coinbase vended at least 13 cryptocurrencies that were securities and needed enrollment,
while on Monday it also indicted the world's largest cryptocurrency exchange, Binance, for dealing those securities. offers 12 cryptocurrency currencies without enrollment as an announcement. Scroll to continue.
The charges extend to the entire range of cryptocurrencies
that the SEC has easily defined as securities. This raises questions about other exchanges that also allow US investors to vend these commemoratives,
such as Kraken, Gemini, Crypto.com, and OkCoin, and whether they may be at risk of being regulated.
Some exchanges may attempt to remove the commemoratives in question. be informed that they can face action if they allow the assessment of the new information that came to light this week to determine the measures to take.
" Necessary." Both Coinbase and Binance denied the SEC's claims and pledged to vigorously defend themselves in court.
The SEC declined to comment.
Although crypto companies started in the Argentine nonsupervisory area, the SEC, led by Gary Gensler,
Continued to strengthen the authority of the association over the industry, arguing that the maturity of commemoratives meets the description of security and is governed by the same rules of communication. He must submit.
According to data from Cornerstone Research and the SEC website, the agency has brought more than 130 crypto cases and agreements to date,
and in most of those cases, it named certain commemoratives as securities. Coinbase and Binance suit to expand this list this week to include generally traded commemoratives,
Similar to Solana, Cardano, and Polygon. from US authorities,
conceivably from the Department of Justice, in the coming many weeks," said Scott Freeman,co-founder of JST Digital, a fiscal services establishment that focuses on digital bias. announcement ·
Scroll to continue the SEC's authority, arguing that numerous commemoratives are analogous to goods and continuing to call on controllers to produce clear rules to guide their conduct. Be sure of your power.
A Kraken prophet said," We do not write security. For the products we write, our brigades conduct threat and security assessments that include thorough troubleshooting and compliance procedures. ...
Gemini, Crypto.com, and Okcoin didn't immediately respond to requests for comment. Destroy the Crypto Economy'.
There are new developments in court that may take time
The SEC's claim that Ripple's XRP is a security commemorative, for illustration, has been condemned more than twice.
But regardless of whether the SEC wins or loses, the suits send a strong signal to the assiduity that the agency won't give up, directors said.
Although large crypto companies may be suitable to fight the SEC, smaller companies have filed fiscal complaints after the conduct of the SEC, including the crypto exchange Beaxy.
This administration really cares if they win or lose in court.
I suppose that what they're sharing is trying to destroy crypto-frugality in the United States. He has a strong crusade," said Stuart Elder, president. Ripple's principal legal officer told the Piper Sandler Global Exchange and Fintech Conference in New York on Wednesday. "II am Ann.
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