The SEC turns its eyes to the cryptocurrency exchange “Coinbase” and investigates the cryptocurrencies listed with it
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Answer The SEC turns its eyes to the cryptocurrency exchange “Coinbase” and investigates the cryptocurrencies listed with it
Just days after insider trading charges were filed against two former Coinbase product managers and two other people,
The US Securities and Exchange Commission (SEC) is now investigating whether the cryptocurrencies listed on the platform are securities.
Citing sources familiar with the matter, Bloomberg reported that the latest investigation predates the SEC’s investigation into the alleged insider trading scheme.
Paul Grewal, Coinbase’s chief legal officer, said the team looks forward to participating in law enforcement, adding:
We are confident that our stringent due diligence process, which is already reviewed by the Securities and Exchange Commission, keeps securities out of our platform.Read:New study: Bitcoin fraud claimed 1.2 million in the past 12 months
In recent months, Coinbase has significantly boosted its token offering, and it currently has more than 150 cryptocurrencies listed.
If the SEC can consider these digital tokens as securities, the platform will need to register with the regulatory authorities.
In a landmark indictment of insider trading in the cryptocurrency industry, the former Coinbase forum manager, along with his brother and a third person, was arrested on July 21.
During this time, the SEC battled Coinbase over digital tokens such as ENS, GALA, POWR, and ALCX and classified them as securities.
But the Department of Justice and the CFTC don’t seem to agree with the SEC data.
CFTC Commissioner Caroline de Femme said the move to investigate nine digital tokens listed in the indictment as securities could have far-reaching implications for future legal disputes and consumers alike.
Coinbase has previously asked the SEC to develop a framework for crypto-asset securities in order to further clarify and regulate the cryptocurrency arena.Read:Ripple CEO defends XRP cryptocurrency
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