SEC sues Coinbase: Will these tokens get caught in the crossfire?

  • 📰 CryptoAmb
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 68%

Coin Coin Headlines News

Coin Coin Latest News,Coin Coin Headlines

A day after going for Binance, the SEC filed a lawsuit against Coinbase on the grounds of violating the securities law. Additionally, ADA and SOL along with several other cryptocurrencies may bear the brunt of the ongoing debacle.

TL;DR: -Mostly focused on staking and a few assets. -Assets component will be thrown out by any reasonable judge -Claims a non-custodial wallet is a “broker-dealer” -Will result in fines and closing staking at most.”The CEO of Coinbase – Brian Armstrong – took to Twitter to speak about the SEC’s action. He stated that the company was “proud to represent the industry in court to finally get some clarity around crypto rules”.

Armstrong also stated that the SEC and CFTC have made conflicting statements about the classification of securities and commodities. This is the reason the US Congress is bringing in new legislation to support the technology. He further said, “Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America. So if we need to avail ourselves of the courts to get clarity, so be it. Btw, in case it’s not obvious, the Coinbase suit is very different from others out there – the complaint filed against us is exclusively focused on what is or is not a security. And we are confident in our facts and the law.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 22. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. regulators sue Coinbase, joining Binance as crypto exchanges under scrutiny - National | Globalnews.caCoinbase, the largest U.S. cryptocurrency exchange, has been accused of operating illegally without having first registered with the regulator.
Source: GlobalNational - 🏆 81. / 51 Read more »

U.S. SEC sues crypto exchange Coinbase over failure to registerIn a complaint filed in Manhattan federal court, the SEC said Coinbase has since at least 2019 operated as an unregistered broker by handling cryptocurrency transactions
Source: globeandmail - 🏆 5. / 92 Read more »