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Ripple’s lawyer stated: After Ripple, the SEC will go to cryptocurrency exchanges

Ripple’s lawyer stated: After Ripple, the SEC will go to cryptocurrency exchanges

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Answer Ripple’s lawyer stated: After Ripple, the SEC will go to cryptocurrency exchanges

Recently, the US Securities and Exchange Commission (SEC) issued guidelines for cryptocurrency trading platforms.

John Deaton, a lawyer for Ripple XRP, expects that the authority will file lawsuits against the exchanges.

New lawsuit against cryptocurrency exchanges?

In the advisory report, the Securities and Exchange Commission (SEC) highlighted the technical, legal and regulatory risks associated with protecting cryptocurrencies.

The release cites an October 2020 report which includes the amount of digital assets stolen from cryptocurrency exchanges in 2018.

The authority says these risks are not new and employees have reviewed the financial statements of some companies.

In the meantime, feel Ripple lawyer Deaton says there is an upcoming SEC lawsuit against the operations of cryptocurrency exchanges by the end of the summer.

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It is interesting to note that the SEC has said that it has rejected several requests over the years to provide regulatory guidance on cryptocurrencies.

The statement also stated the following:

Responsibility and a lack of legal and regulatory clarity lie on our doorstep.

New guidelines coinciding with recent cryptocurrency hacks:

According to the Wall Street Journal, these guidelines are a reflection of what Committee Chairman Gary Gensler had previously warned about.

Gensler previously mentioned and warned that users who buy cryptocurrencies on the platform end up making unsecured loans to the company.

The statement came amid recent hacks and theft of cryptocurrency.

Recently, Axie Infinity lost more than $615 million.

Under the new rules, any digital assets owned by investors will be counted by the platforms and added digitally to their balance sheet.

The changes will significantly affect companies’ balance sheets.

According to the Wall Street Journal, Coinbase showed just $21.3 billion in assets and liabilities on its balance sheet, while it had $278 billion in digital assets under management by the end of 2021.

Read:Binance Report: 3 cryptocurrencies outperformed Bitcoin by more than 175 percent in January

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