LISA ELLIS: Well, look, this is a necessary step that the industry has been waiting for. So what makes it an attractive entry point? Always a pleasure to get your insights around this space. Lisa, great to have you here with us this morning. Joining us now is Lisa Ellis, MoffettNathanson partner and senior equity analyst. She says the pullback could be an attractive entry point for some investors. Cathie Wood's Ark has picked up over $20 million in shares in the last 24 hours, and our next guest seems to be on the same page in a note. take a similar approach instead of regulation by enforcement, which has led to a disappointing trend for crypto development in the U.S.,” it said.BRAD SMITH: Is this you or me? Coinbase stock extending declines after the SEC filed a lawsuit against crypto exchange accusing it of violating securities laws despite turning other investors away. Coinbase said at that time it was still committed to its U.S. The crypto exchange has since opened an international branch following regulatory approval from the Bermuda Monetary Authority (BMA), initially offering Bitcoin and Ethereum perpetual futures. The SEC has not yet responded to those questions. This was after sending the agency a questionnaire that would provide "clarity and certainty regarding the regulatory treatment of digital asset securities" in July 2022. In April, Coinbase also took the SEC to court, demanding a judge to compel the agency to provide regulatory clarity around cryptocurrencies. Today's action comes after a long battle between the crypto exchange and the financial regulator. It also alleged that Changpeng Zhao, the exchange's CEO, and the exchange misused and commingled customers' funds. The SEC sued Binance yesterday for offering unregistered securities and allowing U.S. In March, the American regulator issued Coinbase with a Wells Notice to indicate that it would soon bring an enforcement action against Coinbase.Ī person familiar with the matter told Decrypt at that time that Coinbase leadership is frustrated that the SEC has allowed American investors to participate in crypto for years before "suddenly deciding to pull the rug out." In the meantime, we’ll continue to operate our business as usual.” "The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation. “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," Coinbase Chief Legal Officer Paul Grewal shared with Decrypt. should be "permanently restrained and enjoined" and no longer able to do business in the United States. The SEC also said that the defendants -Coinbase, Inc. "Coinbase has elevated its interest in increasing its profits over investors’ interests, and over compliance with the law and the regulatory framework that governs the securities markets and was created to protect investors and the U.S. Tokens powering Solana, Cardano, Polygon, Filecoin, The Sandbox, Axie Infinity, Chiliz, Flow, Internet Computer, Near Protocol, Voyager, Dash, and Nexo have all been deemed securities by the SEC. The agency also claims that Coinbase "made available for trading crypto assets that are being offered and sold as investment contracts, and thus as securities."
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |