Coinbase is caught up in its race to list crypto assets
Coinbase would be subject to a investigations of American regulator for his citation of tokens it is considered as securities there DRY. Exchange requires a clarification of the rules.
Competition is fierce between cryptocurrency exchanges. And to win the favor of retail investors, the challenge often lies in activating two levers: the fee and the number of tokens available for trading.
For over a year now, Coinbase therefore, it has started to pick up the pace in terms of listing new crypto assets. This strategyadopted by its main rivals, it could earn it sanctions. Nor does it prevent it from losing market share.
Tokens in SEC crosshairs
According to the sources he spoke with Bloombergthe US crypto exchange would be in the regulatory scope. The DRY would look very closely at the practices of Coinbase, which he would blame for his choices in the sense tokens.
The investigation is not yet public. It would, however, precede one brought on suspicion of insider trading against one of his former associates. Regulators would be encouraged by the authorities to show more interventionism after the fall in cryptocurrency prices.
And many of these digital assets are listed on Coinbase today. The stock market offers more than 150 in trading to its users. But aren’t some of these tokens covered, like XRP, by the law of securities ?
That is what the SEC is asking about. Indeed, to offer investors access securitiesthe crypto exchange would then be forced to change status. This means registering with the US police.
The SEC’s analysis is not unanimous
Tensions had risen a week earlier. SEC charges former Coinbase employee with insider trading. In addition, he believes that this criminal offense specifically refers to nine assets that qualify as securities.
The exchange has since responded, rejecting the financial body’s claims in a blog post titled ” Coinbase does not list securities. End of story “. And the legal director of the company to remind that the Ministry of Justice has not retained any charge for fraud on the titles in this file.
The SEC’s policy regarding the qualification of crypto assets as safety is the subject of discussion. What’s more, it’s worth it Rippleissuer XRP, trial. The crypto industry is criticizing the stock cop for his lack of clarity about what he considers a security, not a cryptocurrency.
This dispute with the SEC should therefore continue with Coinbase, which is waiting for the rules to finally be clarified. The authority has excluded Bitcoin and Ethereum from its perimeter, but has not released details of its deliberations.
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