#UP AND COMING CRYPTO COINS SKIN#

lawmakers to pass sensible crypto legislation becomes stronger every time that the SEC sues another crypto business – especially if that business has been vocal about its attempts to comply with applicable laws and regulations. lawmakers are debating crypto market structure legislation on the Hill. Against the backdrop of these lawsuits, foreign jurisdictions are adopting crypto laws and regulations and U.S. Mike Selig, attorney: The SEC lawsuits aren’t entirely bad for crypto. Especially in relation to businesses that are trying to comply, but being rebuffed by the agency. I wouldn’t be surprised if courts at least take a hard look at its approach to crypto assets. The SEC has recently been slapped down by the courts for overstepping its authority in relation to ALJs. But it has to think about the longer term as well. It’s flexing its muscles and can create a lot of pain for crypto companies in the short term. Agencies have to be credible and the SEC has a credibility problem. It’s a security if the SEC wants to regulate it – Brian Frye

Binance has essentially admitted to everything the SEC alleges. I am not optimistic about the SEC’s claim against Binance. The resulting roundtable discussion offers a diverse view on an uncertain situation with many moving pieces.Īre there reasons for the companies to be optimistic about the lawsuits?īrian Frye, attorney: Yes. But the SEC’s one-two punch this week also revealed new information about the agency’s approach to crypto, and why it has been so aggressive.ĬoinDesk reached out to a number of legal authorities and crypto observers to get a better sense of what is likely to happen next with the cases and what they could mean for the future of the industry. See also: Can Binance Survive the SEC's Charges? | Opinion Further, the more wide-ranging accusations against Binance, damning if true, could capsize what is likely one of the most profitable businesses of the 21st century so far. citizens (that went public days before Gensler’s confirmation), could spur congressional action on crypto regulation. The case against Coinbase, an exchange used by tens of thousands of U.S. Gensler’s is the type of federal enforcement action that could end up before the U.S. Coinbase CEO Brian Armstrong said months ago that the SEC was building its case, and, if it sued, the exchange would counter. Up against the world’s largest crypto exchange (Binance) and the largest publicly-traded crypto company (Coinbase), it’s likely Gensler is in for a fight. See also: The SEC Has Started an All-In Political Battle Over Crypto The crypto-skeptic regulator – who over the course of his tenure has insinuated that proof-of-stake tokens are securities, intimated that all crypto exchanges are illegal enterprises and implied that all but one cryptocurrencies are 'investment contracts' in line with the Howey Test, a standard for deciding whether financial assets are securities – this week sued Binance and Coinbase.

#UP AND COMING CRYPTO COINS SKIN#

Securities and Exchange Commission (SEC) Chair Gary Gensler has finally put skin in the game. After years of grandstanding on crypto, U.S.

Up and coming crypto coins