What's the SECGov up to? With back-to-back actions against binance and coinbase, now we know. So, the next phase begins for crypto in the U.S. jesseahamilton takes a look
The U.S. Securities and Exchange Commission tore off crypto’s bandage this week, with its back-to-back enforcement actions against two of the most prominent digital assets platforms, Binance and Coinbase , finally establishing its legal argument against the industry and setting up the future court fights that could decide everything.
The SEC accused both Binance and Coinbase of operating unregistered exchanges, and offering the sale of unregistered securities, including Binance’s own digital assets: BNB and the Binance USD stablecoin. Those now-familiar charges – echoed in other recent SEC actions – have now reached their logical destination and will likely be repeated down through the industry ranks if the regulator’s latest actions end up victorious.
“We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” Gensler said in a Tuesday statement.on Monday that “the SEC is alleging that Binance, like Trex, Beaxy, Coinbase, and every other crypto trading platform is essentially operating an unregistered exchange, but also provides clearing services and acts as a [broker-dealer]for its customers, and hasn't registered as any of those.
“We now join a number of other crypto projects facing similarly misguided actions from the SEC and we will vigorously defend our business and the industry,” Binance said that meant scrapping the staking services that the SEC labeled as unregistered securities. Kraken’s exchange operation hasn’t yet been directly targeted.
Nelson Rosario, a Chicago-based digital assets lawyer who has also taught crypto classes, said that quote “is in the universe of worst possible things for them to say in writing.”
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