The US Securities and Exchange Commission (SEC) has many cryptocurrency exchanges on the “naughty” list. Forbes revealed today that the US Securities and Exchange Commission (SEC) is currently investigating all US crypto exchanges, including Binance, not just Coinbase. The source was stated to be an employee of US Senator Cynthia Lummis. Here are the details…
SEC focused on Binance and these exchanges
In July, the SEC identified certain assets listed as securities by the exchange in its insider trading plan on Coinbase. Many, however, raised their eyebrows. Specifically, attorney John Deaton, who represents XRP holders in Ripple’s legal battle with the SEC, said during the period that he expects the SEC to file a lawsuit against a U.S. exchange before the end of the year.
Days later, it emerged that the SEC was investigating Coinbase to list assets considered unregistered securities. Meanwhile, Coinbase claims that its cryptocurrency listing process has been reviewed by the SEC. However, news that the SEC is investigating all crypto exchanges makes Deaton’s prediction more likely, even as a crypto executive confirmed to Forbes that some exchanges have already submitted Wells Notices informing them of imminent charges against them.
The SEC is trying to regulate the cryptocurrency space
In particular, the US SEC has gained a reputation in recent years for focusing too much on sanctions actions and less on providing regulatory clarity. In addition, members of the crypto industry often criticize the regulator’s unwillingness to communicate. While the SEC and the Commodity Futures Trading Commission (CFTC) are in talks to share oversight of the crypto markets, the Lummis employee reveals that these talks are over and will likely require lawmakers to step in. According to the source, lawmakers are most likely leaning towards the CFTC.
Specifically, two major bipartisan bills have been proposed in the Senate in recent months to bring clarity to the crypto markets. The first was proposed in June by Senators Cynthia Lummis and Kirsten Gillibrand. The second one comes from Debbie Stabenow and John Boozman, most recently on Wednesday, as we have also reported as Cryptokoin.com. However, the official reveals that neither is likely to pass this year.
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