![]() He added that the SEC's regulation attempts have a specific focus on how crypto tokens are sold to investors. Kuriya said he believes the SEC's charges should not affect the underlying thesis for cryptocurrency investments. The financial expert said most of his conversations with investors this week have involved to “a lot of curiosity” from those wanting to know more about why these companies have been charged. ![]() Nick Kuriya, portfolio manager and head of crypto with Purpose Investments, told the Investing News Network (INN) he was not surprised to see the SEC's string of charges against Binance and Coinbase. “The SEC’s actions indicate that crypto is headed toward regulation that’s similar to securities, which should be a wakeup call for existing exchanges to modify the way they do business," he commented.Įxperts weigh in on impact of the SEC's charges He pondered whether the SEC's actions could be replicated across jurisdictions, creating new precedents.įrank Borger Gilligan, a securities attorney and former top securities regulator for the state of Tennessee, made a similar point. “The US regulator contends that most digital assets qualify as securities, and exchanges have been selling them to American investors without being appropriately registered in the US,” Matteo Greco, research analyst at Fineqia International (CSE: FNQ,OTC Pink:FNQQF), said. Overall, the SEC is expressing discomfort with the role Binance and Coinbase play in buying and selling crypto assets, and is coming down on their alleged manipulation of the market. He added, “While Coinbase’s calculated decisions may have allowed it to earn billions, it’s done so at the expense of investors by depriving them of the protections to which they are entitled." Grewal, director of the SEC’s Division of Enforcement, said in a statement. ![]() "As alleged in our complaint, Coinbase was fully aware of the applicability of the federal securities laws to its business activities, but deliberately refused to follow them,” Gurbir S. In regards to Coinbase, the SEC argues that the crypto firm violated “certain registration provisions” of the Securities Exchange Act of 1934, as well as "the securities offering registration provisions" of the Securities Act of 1933. The Guardian reported that Binance responded to the SEC by saying it has been compliant with questions from the regulator and “was looking to negotiate a settlement with the agency.” “The public should beware of investing any of their hard-earned assets with or on these unlawful platforms.” customers on their platforms,” he said in a press release. “They attempted to evade US securities laws by announcing sham controls that they disregarded behind the scenes so that they could keep high-value U.S. SEC Chair Gary Gensler said the 13 charges brought against Zhao and Binance show an extensive web of deception, conflicts of interest, a lack of disclosure and calculated evasion of the law by the accused parties. The regulator notes that Binance should have been registered as an exchange, a broker-dealer and a clearing agency Per the SEC’s charges, Binance, controlled by Zhao, operated as an exchange, a broker, a dealer and a clearing agency that earned at least US$11.6 billion in revenue from customer fees. The SEC is attempting to get a firmer grasp on transactions involving cryptocurrencies, and has thrown heavy accusations at Binance. ![]() What are the allegations against Binance and Coinbase? Copper Prices Could See "Astronomical Rise" as Supply Concerns Increase.10 Largest Producers of Gold by Country. ![]()
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