9/11/2023 0 Comments Spacesaver microwave oven![]() customers due to the complicated regulatory framework, he tells CNBC Make It. Some crypto firms may choose limit which services they offer to U.S. Omid Malekan, an adjunct professor at Columbia Business School and author of "Re-Architecting Trust: The Curse of History and the Crypto Cure for Money, Markets, and Platforms," agrees. Still, platforms may prefer to avoid the potential regulatory risks involved in operating here and shift their focus to countries with clearer legal requirements, Arad says. About 20% of Americans say they've invested in, traded or used cryptocurrency, per a January NBC News poll, and around 42% of Americans between the ages of 18 and 34 say they've dabbled in crypto trading. ![]() "The harsh messaging coming from the agency and its Chair Gary Gensler is a sign the SEC may be doing exactly what many in the industry have believed: shut down crypto in the U.S.," Chen Arad, co-founder and chief experience officer of Solidus Labs, a company that provides tools to help crypto exchanges and institutions prevent market manipulation, tells CNBC Make It. What the SEC's crackdown on crypto may mean for investors Zhao has dismissed the charges on Twitter. ![]() customers were restricted from doing so, according to the June 5 press release. customers" to continue trading on its unregulated international exchange despite publicly claiming that U.S. On June 5, the agency filed 13 charges against them both, which included allegations that Zhao and his exchange worked to "secretly allow high-value U.S. This comes just one day after the SEC sued Binance, the world's largest crypto exchange, and its billionaire founder, Changpeng Zhao. "In the meantime, we'll continue to operate our business as usual." "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," Coinbase's chief legal officer and general counsel Paul Grewal said in a statement to CNBC Make It. In a tweet following the SEC's announcement, Coinbase co-founder and CEO Brian Armstrong said, in part, "Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules." The SEC also alleges at least 13 crypto assets that Coinbase made available to customers, including Solana and Cardano's tokens, qualify as "crypto asset securities," according to the complaint.Ĭoinbase's staking program, which the regulator describes as a way for crypto investors "to earn financial returns through Coinbase's managerial efforts," counts as an investment contract and unregistered security, the SEC says.
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