12/14/2023 0 Comments Coinbase yahoo finance![]() "Funding-wise we could use a lot more people," Gensler admitted on Tuesday. Long and others have criticized this approach, calling it "regulation by litigation." Georgetown's Aggarwal and those on Capitol Hill have pointed out that it isn't clear whether the SEC has the authority or resources to regulate other parts of the market, such as the fees associated with crypto exchanges. But the enforcements are patchy and scattered. They aren’t providing much in the way of proactive guidance but rather leaving founders to read the tea leaves based on enforcements. What’s interesting and frustrating to us in the industry is that the industry has been collectively asking the SEC for clarity on some of these very issues for years," she added. “They will try to move a whole market by picking an example. “This is how the SEC regulates,” Caitlin Long, a Wall Street veteran who's currently CEO of crypto bank startup Avanti Financial, told Yahoo Finance in an interview. Other crypto market players have publicly expressed frustration with the SEC, which is also reportedly probing the popular decentralized finance (DeFi) platform UniSwap. However, the SEC still classified the product as a security.Ĭoinbase's chief isn't alone in taking issue with regulators. ![]() dollar - the lending product is lower than other crypto lending businesses according to what Armstrong revealed over Twitter. With a proposal offering a 4% annual percentage yield (APY) on USD coin (USDC) - a stablecoin pegged to the U.S. The friction brewing between Armstrong and the SEC centers on Coinbase's plans to launch a crypto lending product, Coinbase Lend, later this year. However, tensions between regulators and industry players are rising, as a viral Twitter post by Coinbase CEO Brian Armstrong illustrated last week. cryptocurrency exchange, watch as their listing is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. Regulators "are coming aggressively after cryptocurrency businesses using enforcement cases and sending a signal that they are watching the sector very carefully," Reena Aggarwal, director of Georgetown's Center for Financial Markets and Policy, told Yahoo Finance.Įmployees of Coinbase Global Inc, the biggest U.S. And the month before, the SEC charged Poloniex, a crypto exchange, $10 million for operating an unregistered exchange that sold digital securities. At the beginning of the September, they fined the crypto lending platform, BitConnect, and its top executive $2 billion for fraud. On Monday, the agency charged three media companies with illegal digital asset and stock offerings. In recent months, the SEC has gone on the offensive to pursue alleged bad actors in the crypto space. The SEC is set up to promote investor protection, facilitate capital formation and anything else in between, according to Gensler. ![]() ![]() We can do better." That point was illustrated on Monday, when a fraudulent press release touting a partnership between Walmart ( WMT) and Litecoin ( LTC-USD) moved the market before the retail giant shot it down. However, the SEC chief faced pointed questions on how far the agency was willing to go to impose order on the Wild West of trading and product creation in a digital currency sector that prides itself on decentralization, efficiency and the empowerment of small investors.įor his part, Gensler said "this asset class is rife with fraud, scams, and abuse in certain applications. ![]()
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