![]() "Ripple is one of the last cases of this generation," Guseva added. "The SEC started with primary markets, namely unregistered. "There is a progression of SEC enforcement actions," she said. Rutgers law professor Guseva said the outcome of the Ripple case is also crucial. "In the meantime, we'll continue to operate our business as usual," Grewal added. Legislation, instead of litigation, is the solution, he said. Paul Grewal, Coinbase's chief legal officer and general counsel, said this week that "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." District Court, according to the case's court docket. A hearing on the motion is scheduled for Tuesday in Washington D.C. The SEC is asking a judge to grant a temporary restraining order that would freeze assets tied to Binance.US. The outcomes of the Binance and Coinbase cases are also of paramount importance.īinance said in a blog post this week: "The SEC's real intent here, instead, appears to be to make headlines." The crypto exchange added: "All user assets on Binance and Binance-affiliate platforms, including Binance.US, are safe and secure, and we will vigorously defend against any allegations to the contrary." The SEC's enforcement division "has been covering an ever-increasing swath of the crypto industry," she noted.ģ. ![]() The prospect of this happening is "highly improbable," Guseva said. As lawmakers introduce more bills, some analysts are wondering if Congress can cobble together some sort of statutory reform for crypto markets. We have crossed from regulation by enforcement to hubris most foul."Ģ. Ripple's chief legal officer Stuart Alderoty, meanwhile, responded to the SEC's allegations with the following statement: "Even if true, this only shows that the SEC's unelected bureaucrats believe they have unchecked power to issue indiscriminate closed door edicts under pain of punishment to those who don't blindly obey. Analysts are closely watching the outcome of this case - and await an answer to the question as to what and when digital assets are considered securities. In April, Ripple denied the SEC allegations that XRP has traded and used as a digital currency. The SEC also alleges that Ripple Labs Inc., a San Francisco-based cryptocurrency payment company, sold unregistered securities with its native coin, XRP. is not fully predictable," said Yuliya Guseva, a law professor at Rutgers University and head of the school's blockchain and fintech program.ġ. "The future of crypto-asset regulation in the U.S. Will this dissuade retail investors and scare off potential crypto investors? The SEC also charged Coinbase, the only publicly-traded crypto exchange company, with illegally operating an unregistered securities exchange.Ī cloud of uncertainty hangs over the regulation of crypto exchanges, and has helped to push down cryptocurrency prices. The SEC charged Binance, the world's largest crypto exchange and founder Changpeng Zhao with mishandling customer funds, and illegally serving U.S. Though the lawsuits contain different allegations, both contend the companies ran unregistered securities exchanges. This week, the Securities and Exchange Commission sued two other major exchanges - Binance and Coinbase. Last year, Bitcoin tumbled from its 2021 perch - and 2022 ended with the implosion of the cryptocurrency exchange FTX. A cloud of uncertainty hangs over the regulation of crypto exchanges, and has put pressure on cryptocurrency prices ![]()
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