• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Coinbase SEC investigation could have ‘serious and chilling’ effects: Lawyer

Jon Hartney by Jon Hartney
July 28, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Michael Bacina, an Australian digital assets lawyer told Cointelegraph that the investigation could see a far-reaching impact on crypto exchanges and the token projects involved.

An investigation reportedly launched by the Securities and Exchange Commission (SEC) into Coinbase’s alleged trading of unregistered securities could have a “serious and chilling effect” on crypto exchanges and token projects, according to a legal expert. 

Michael Bacina, an Australian digital assets lawyer with Piper Alderman told Cointelegraph that the impact on exchanges and projects may occur whether or not the tokens are ultimately found to be securities. 

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

“Given many of the tokens the SEC has called securities in their insider trading prosecution are listed and trading on Coinbase and other exchanges, this investigation could have serious and chilling effect for both those exchanges and the token projects, whether or not an ultimate finding is the tokens are or are not securities.”

A Bloomberg report on Monday quoted sources saying the crypto exchange is facing an SEC probe into whether it improperly allowed U.S. investors to trade assets that should have been registered as securities.

The report cited three people “familiar with the matter” as saying that the probe is being conducted by the Securities and Exchange enforcement unit. It is separate from its investigation into an alleged insider trading scheme.

Bacina noted that Coinbase “could face very substantial fines” or potentially be required to register as an exchange in the U.S. as a result of the investigation.

However, he also noted that “given they have rightly identified key compliance incompatibilities between blockchain systems and existing U.S. market regulations, it may be difficult, if not impossible, for their current business model to exist as a licensed and registered exchange.”

“This action by the SEC wouldn’t seem aligned with encouraging pro-active industry engagement; Coinbase has a history of good faith engagement on regulatory matters and has indicated the SEC has reviewed their token listing criteria.”

Bacina noted that fit-for-purpose regulations require industry consultation, transparency and due regard to policy considerations.

“The best way to foster the innovation blockchain and crypto can bring is with a transparent engagement between regulators and the industry, and clear guidance being issued,” he added. 

“A CFTC Commissioner has rightly called this ‘regulation by enforcement’ and it’s not an ideal way to provide guidance or clarity to a rapidly growing and developing industry,” he said.

Coinbase fires back

Meanwhile, Coinbase has continued to deny it had listed any securities.

Paul Grewal, chief legal officer of Coinbase reiterated on July 25 to his Twitter followers that he is  “confident” in the platform’s “rigorous diligence process” which keeps securities off its platform.

I’m happy to say it again and again: we are confident that our rigorous diligence process—a process the SEC has already reviewed—keeps securities off our platform, and we look forward to engaging with the SEC on the matter. A refresher: https://t.co/SaacvrZEiU

— paulgrewal.eth (@iampaulgrewal) July 26, 2022

He also reshared a blog post he authored titled “Coinbase does not list securities. End of Story,” which was first published on July 22.

Related: Cathie Wood sells Coinbase shares amid insider trading allegations

News of the investigation on Monday coincided with a fall in Coinbase Global Inc’s share price, which tumbled 21% overnight, according to data from NASDAQ.

On Tuesday, the crypto exchange saw a massive amount of shares dumped by Cathie Wood’s investment firm Ark Investment Management — which sold more than 1.4 million Coinbase (COIN) shares, amounting to just over $75 million based on Tuesday’s closing price. 

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,818.00-2.40%
  • ethereumEthereum(ETH)$1,630.08-2.05%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.12%
  • binancecoinBNB(BNB)$326.77-2.09%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • rippleXRP(XRP)$0.397373-3.17%
  • Binance USDBinance USD(BUSD)$1.00-0.22%
  • cardanoCardano(ADA)$0.391554-2.09%
  • dogecoinDogecoin(DOGE)$0.092276-3.14%
  • OKBOKB(OKB)$44.160.65%
  • matic-networkPolygon(MATIC)$1.19-3.29%
  • SolanaSolana(SOL)$23.28-3.86%
  • Shiba InuShiba Inu(SHIB)$0.000015-2.65%
  • Lido Staked EtherLido Staked Ether(STETH)$1,624.96-2.04%
  • polkadotPolkadot(DOT)$6.68-2.06%
  • litecoinLitecoin(LTC)$96.18-1.90%
  • AvalancheAvalanche(AVAX)$19.96-4.61%
  • tronTRON(TRX)$0.063321-2.50%
  • UniswapUniswap(UNI)$6.81-5.24%
  • daiDai(DAI)$1.00-0.19%
  • cosmosCosmos Hub(ATOM)$14.30-1.83%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,752.00-2.57%
  • chainlinkChainlink(LINK)$6.96-3.18%
  • leo-tokenLEO Token(LEO)$3.613.46%
  • ToncoinToncoin(TON)$2.26-3.34%
  • ethereum-classicEthereum Classic(ETC)$22.62-3.91%
  • moneroMonero(XMR)$165.62-4.13%
  • bitcoin-cashBitcoin Cash(BCH)$132.33-3.74%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • AptosAptos(APT)$15.13-7.81%
  • stellarStellar(XLM)$0.090386-3.39%
  • ApeCoinApeCoin(APE)$5.72-2.01%
  • CronosCronos(CRO)$0.080893-3.52%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.37-5.59%
  • QuantQuant(QNT)$137.60-3.01%
  • filecoinFilecoin(FIL)$5.23-4.60%
  • algorandAlgorand(ALGO)$0.257200-3.92%
  • HederaHedera(HBAR)$0.069209-4.82%
  • Lido DAOLido DAO(LDO)$2.08-3.05%
  • vechainVeChain(VET)$0.023889-3.54%
  • Internet ComputerInternet Computer(ICP)$5.56-5.02%
  • FantomFantom(FTM)$0.55-10.30%
  • decentralandDecentraland(MANA)$0.72-6.72%
  • The SandboxThe Sandbox(SAND)$0.72-6.13%
  • Axie InfinityAxie Infinity(AXS)$10.89-5.02%
  • AaveAave(AAVE)$85.71-3.13%
  • eosEOS(EOS)$1.07-3.48%
  • The GraphThe Graph(GRT)$0.13047411.22%
  • FlowFlow(FLOW)$1.11-4.62%
  • MultiversXMultiversX(EGLD)$44.46-4.46%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000185-0.91%
  • theta-tokenTheta Network(THETA)$1.09-6.18%
  • tezosTezos(XTZ)$1.17-3.96%
  • FraxFrax(FRAX)$1.00-0.05%
  • true-usdTrueUSD(TUSD)$1.00-0.23%
  • paxos-standardPax Dollar(USDP)$0.99-0.11%
  • huobi-tokenHuobi(HT)$5.56-2.85%
  • bitcoin-cash-svBitcoin SV(BSV)$43.740.43%
  • kucoin-sharesKuCoin(KCS)$8.60-2.86%
  • havvenSynthetix Network(SNX)$2.54-6.03%
  • Curve DAOCurve DAO(CRV)$1.05-2.13%
  • Frax ShareFrax Share(FXS)$10.290.29%
  • ChilizChiliz(CHZ)$0.139573-4.18%
  • Rocket PoolRocket Pool(RPL)$38.88-3.02%
  • PancakeSwapPancakeSwap(CAKE)$4.47-2.00%
  • USDDUSDD(USDD)$0.99-0.47%
  • eCasheCash(XEC)$0.000037-3.36%
  • BitTorrentBitTorrent(BTT)$0.000001-3.51%
  • ImmutableXImmutableX(IMX)$0.88-1.97%
  • dashDash(DASH)$61.871.69%
  • iotaIOTA(MIOTA)$0.243645-3.78%
  • BitDAOBitDAO(BIT)$0.57-2.39%
  • Trust WalletTrust Wallet(TWT)$1.57-5.00%
  • Mina ProtocolMina Protocol(MINA)$0.78-7.50%
  • KlaytnKlaytn(KLAY)$0.204569-4.20%
  • GateGate(GT)$4.28-5.22%
  • OptimismOptimism(OP)$2.951.60%
  • makerMaker(MKR)$683.49-4.19%
  • neoNEO(NEO)$8.69-1.53%
  • cUSDCcUSDC(CUSDC)$0.022739-0.01%
  • gemini-dollarGemini Dollar(GUSD)$1.000.18%
  • ArweaveArweave(AR)$11.34-3.81%
  • OKCOKC(OKT)$31.56-2.56%
  • cDAIcDAI(CDAI)$0.022186-0.09%
  • zcashZcash(ZEC)$43.65-4.79%
  • GMXGMX(GMX)$66.49-3.37%
  • RenderRender(RNDR)$1.82-0.93%
  • RadixRadix(XRD)$0.053459-8.83%
  • THORChainTHORChain(RUNE)$1.79-3.30%
  • Tokenize XchangeTokenize Xchange(TKX)$6.67-2.17%
  • singularitynetSingularityNET(AGIX)$0.4393596.22%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.10-0.39%
  • OsmosisOsmosis(OSMO)$1.00-3.89%
  • PAX GoldPAX Gold(PAXG)$1,865.280.13%
  • enjincoinEnjin Coin(ENJ)$0.463615-4.70%
  • Fetch.aiFetch.ai(FET)$0.43708417.92%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.000000-0.13%
  • Tether GoldTether Gold(XAUT)$1,863.21-0.27%
  • cETHcETH(CETH)$32.74-2.01%