• 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

Pat Toomey blames the SEC for crypto lending platform crisis

Jon Hartney by Jon Hartney
July 29, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

A crypto-friendly legislator believes the Commission’s regulation-by-enforcement approach to be ineffective.

According to Senator Pat Tomey, famous for his vocal support for the crypto industry, the United States Securities and Exchange Commission (SEC) could have prevented the loss of $12 billion in assets by investors who trusted Celsius, a crypto lending platform, that froze their deposits in June.

An official letter from Toomey to SEC Chairman Gary Gensler, dated by July 26, suggested that the Commission’s inability to clarify how it would apply existing securities laws to digital assets and services, drew to undesirable repercussions. As Toomey writes:

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

“Companies could have adjusted product offerings accordingly, preventing investor losses today, and the SEC would have been free to focus enforcement efforts on the worst actors.”

According to Toomey, the SEC didn’t properly explain how the Howey and Reves tests applied to crypto lending platform products that paid interest to customers making crypto deposits. Instead, he emphasized, the SEC is choosing to regulate by selective enforcement. 

The senator mentioned the recent insider trading charges against a former employee of Coinbase, claiming that the SEC had a clear opinion on the securities’ status of these assets, yet it did not disclose that view publicly before launching an enforcement action. 

Starting from a dubious presupposition that most digital assets are securities, he notes, the SEC both makes it difficult for well-intentioned companies to comply and doesn’t serve great protection for customers with its regulation-by-enforcement style.

Related: Bitcoin price falls under $21K, bringing more capitulation or just consolidation?

As a result, the SEC’s continued refusal to give regulatory clarity to the crypto community, combined with “an apparently sluggish enforcement pace” harms not investors and innovation in general, according to Toomey.

In conclusion, Toomey poses nine questions to Gensler with a request to respond by Aug. 9. Among them are proposition to publicly identify other major crypto lending companies that hold no registration under SEC; explain why the Commission has not included 16 out of 25 digital assets traded by the Coinbase employee into its charges, and others.

On May 10, Toomey revealed his support for the Stablecoin Innovation and Protection Act, which would allow the Federal Deposit Insurance Corporation to back stablecoins in a manner similar to fiat deposits.

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

Bitcoin price rises above $19.6K as US dollar strength falls to 3-week lows

October 25, 2022

Why are Bitcoin whales accumulating BTC? Watch The Market Report

October 25, 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

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)$43,956.000.55%
  • ethereumEthereum(ETH)$2,249.02-1.23%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$231.910.40%
  • rippleXRP(XRP)$0.631.76%
  • SolanaSolana(SOL)$62.70-1.41%
  • usd-coinUSDC(USDC)$1.000.04%
  • Lido Staked EtherLido Staked Ether(STETH)$2,246.17-1.30%
  • cardanoCardano(ADA)$0.4452505.64%
  • dogecoinDogecoin(DOGE)$0.0970082.84%
  • AvalancheAvalanche(AVAX)$26.17-0.35%
  • tronTRON(TRX)$0.1048661.56%
  • chainlinkChainlink(LINK)$15.44-1.47%
  • polkadotPolkadot(DOT)$6.042.89%
  • ToncoinToncoin(TON)$2.29-4.81%
  • matic-networkPolygon(MATIC)$0.831.93%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$43,916.000.79%
  • Shiba InuShiba Inu(SHIB)$0.0000103.06%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.38%
  • daiDai(DAI)$1.000.09%
  • litecoinLitecoin(LTC)$72.61-0.78%
  • bitcoin-cashBitcoin Cash(BCH)$245.04-1.00%
  • UniswapUniswap(UNI)$6.06-1.33%
  • leo-tokenLEO Token(LEO)$3.822.14%
  • stellarStellar(XLM)$0.1238781.45%
  • OKBOKB(OKB)$57.19-0.89%
  • moneroMonero(XMR)$173.450.95%
  • KaspaKaspa(KAS)$0.1381160.67%
  • ethereum-classicEthereum Classic(ETC)$20.512.29%
  • cosmosCosmos Hub(ATOM)$9.76-0.38%
  • true-usdTrueUSD(TUSD)$1.000.31%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • CronosCronos(CRO)$0.093767-1.71%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.28-2.28%
  • filecoinFilecoin(FIL)$4.791.50%
  • HederaHedera(HBAR)$0.067618-1.74%
  • Internet ComputerInternet Computer(ICP)$4.94-4.28%
  • AptosAptos(APT)$7.39-2.79%
  • Lido DAOLido DAO(LDO)$2.27-3.72%
  • MantleMantle(MNT)$0.626.81%
  • BittensorBittensor(TAO)$334.48-3.92%
  • THORChainTHORChain(RUNE)$6.38-3.41%
  • vechainVeChain(VET)$0.0250171.88%
  • ImmutableImmutable(IMX)$1.40-1.13%
  • QuantQuant(QNT)$112.235.93%
  • BUSDBUSD(BUSD)$1.000.07%
  • OptimismOptimism(OP)$1.72-3.35%
  • The GraphThe Graph(GRT)$0.1620644.59%
  • StacksStacks(STX)$1.06-8.21%
  • InjectiveInjective(INJ)$16.991.06%
  • AaveAave(AAVE)$97.22-0.11%
  • CelestiaCelestia(TIA)$9.66-11.51%
  • RenderRender(RNDR)$3.64-1.64%
  • ArbitrumArbitrum(ARB)$1.07-1.58%
  • GGTKNGGTKN(GGTKN)$0.1161257.38%
  • Rocket Pool ETHRocket Pool ETH(RETH)$2,457.98-1.34%
  • makerMaker(MKR)$1,439.18-2.87%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.0002241.63%
  • algorandAlgorand(ALGO)$0.1598094.64%
  • MultiversXMultiversX(EGLD)$48.42-1.58%
  • havvenSynthetix Network(SNX)$3.82-1.05%
  • ORDIORDI(ORDI)$55.07-10.67%
  • FlowFlow(FLOW)$0.77-2.44%
  • First Digital USDFirst Digital USD(FDUSD)$1.000.04%
  • WEMIXWEMIX(WEMIX)$3.2220.01%
  • theta-tokenTheta Network(THETA)$1.05-4.95%
  • bitcoin-cash-svBitcoin SV(BSV)$51.580.70%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • The SandboxThe Sandbox(SAND)$0.447351-0.63%
  • Axie InfinityAxie Infinity(AXS)$7.05-1.37%
  • FantomFantom(FTM)$0.331391-1.54%
  • kucoin-sharesKuCoin(KCS)$9.42-2.61%
  • iotaIOTA(IOTA)$0.299228-4.26%
  • decentralandDecentraland(MANA)$0.4795111.68%
  • BitTorrentBitTorrent(BTT)$0.00000180.67%
  • eosEOS(EOS)$0.741.60%
  • BitDAOBitDAO(BIT)$0.592.96%
  • GALAGALA(GALA)$0.028785-3.41%
  • neoNEO(NEO)$11.85-1.67%
  • WhiteBIT CoinWhiteBIT Coin(WBT)$5.671.90%
  • KavaKava(KAVA)$0.82-0.29%
  • HeliumHelium(HNT)$5.6269.58%
  • tezosTezos(XTZ)$0.901.65%
  • Mina ProtocolMina Protocol(MINA)$0.72-3.51%
  • Bitget TokenBitget Token(BGB)$0.520.65%
  • BeamBeam(BEAM)$0.01565612.15%
  • KlaytnKlaytn(KLAY)$0.2196034.60%
  • USDDUSDD(USDD)$0.990.91%
  • XDC NetworkXDC Network(XDC)$0.051398-1.70%
  • ConfluxConflux(CFX)$0.196732-5.19%
  • Frax EtherFrax Ether(FRXETH)$2,242.10-1.66%
  • eCasheCash(XEC)$0.00003411.53%
  • FraxFrax(FRAX)$1.000.09%
  • Tokenize XchangeTokenize Xchange(TKX)$8.29-2.76%
  • CheeleeCheelee(CHEEL)$12.25-0.77%
  • Frax ShareFrax Share(FXS)$8.641.61%
  • ChilizChiliz(CHZ)$0.0837955.64%
  • Pyth NetworkPyth Network(PYTH)$0.427254-5.38%
  • SuiSui(SUI)$0.62-2.29%