Cryptocurrency Fails Under The SEC Scrutiny: Is Compliance Killing Innovation?
Key Points:
- The SEC has taken a strict approach against the crypto industry.
- Coinbase is facing regulatory scrutiny and lawsuits from the SEC.
- The market is experiencing a 3% drop in total crypto market cap due to the SEC’s recent actions.
The SEC’s hardline approach against crypto is hurting American economic competitiveness. Coinbase is facing regulatory scrutiny. Total crypto market cap sagged by 3% after SEC’s lawsuits against Binance and Coinbase.
The Securities and Exchange Commission (SEC) has recently taken a hardline approach against the cryptocurrency industry. In the latest lawsuits against Coinbase and Binance, the regulator alleges that Coinbase was operating as a broker, national securities exchange, and clearing agency without registering with the agency. Coinbase is now facing scrutiny from a task force of ten U.S. state securities regulators. Regulators said Tuesday that Coinbase has 28 days to explain how its staking service did not violate state securities laws.
The SEC’s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance.
Paul Grewal, Coinbase’s chief legal officer said.
According to Gurbir S. Grewal, director of the SEC’s Division of Enforcement, the consequences for the investing public are far too significant.
The lawsuit against Coinbase is quite detailed, outlining “a non-exhaustive list” of 13 cryptocurrencies that it argues are securities, including Solana (SOL), Cardano (ADA), and Polygon (MATIC). After the lawsuit became public, SOL was down approximately 4.2%, ADA 4%, and MATIC 3%. The total market capitalization of all cryptocurrencies sagged by about 3%, as CoinMarketCap shows.
The depression in the market mirrors the price action seen on Monday when the SEC sued Binance. Both cryptocurrencies and the share prices of publicly traded crypto companies, including Coinbase, took a hit.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Cryptocurrency Fails Under The SEC Scrutiny: Is Compliance Killing Innovation?
Key Points:
- The SEC has taken a strict approach against the crypto industry.
- Coinbase is facing regulatory scrutiny and lawsuits from the SEC.
- The market is experiencing a 3% drop in total crypto market cap due to the SEC’s recent actions.
The SEC’s hardline approach against crypto is hurting American economic competitiveness. Coinbase is facing regulatory scrutiny. Total crypto market cap sagged by 3% after SEC’s lawsuits against Binance and Coinbase.
The Securities and Exchange Commission (SEC) has recently taken a hardline approach against the cryptocurrency industry. In the latest lawsuits against Coinbase and Binance, the regulator alleges that Coinbase was operating as a broker, national securities exchange, and clearing agency without registering with the agency. Coinbase is now facing scrutiny from a task force of ten U.S. state securities regulators. Regulators said Tuesday that Coinbase has 28 days to explain how its staking service did not violate state securities laws.
The SEC’s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance.
Paul Grewal, Coinbase’s chief legal officer said.
According to Gurbir S. Grewal, director of the SEC’s Division of Enforcement, the consequences for the investing public are far too significant.
The lawsuit against Coinbase is quite detailed, outlining “a non-exhaustive list” of 13 cryptocurrencies that it argues are securities, including Solana (SOL), Cardano (ADA), and Polygon (MATIC). After the lawsuit became public, SOL was down approximately 4.2%, ADA 4%, and MATIC 3%. The total market capitalization of all cryptocurrencies sagged by about 3%, as CoinMarketCap shows.
The depression in the market mirrors the price action seen on Monday when the SEC sued Binance. Both cryptocurrencies and the share prices of publicly traded crypto companies, including Coinbase, took a hit.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
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