• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
Advertisement
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

‘This isn’t about Ripple’: Crypto community reacts to SEC’s ‘regulation through litigation’ strategy 

September 10, 2021
in Regulations
Reading Time: 4 mins read
A A
0
US: SEC warns public of crypto scams and ICOs
0
SHARES
6
VIEWS
ShareShareShareShareShare
cs-sanctor-full-width

The US Securities and Exchange Commission’s (SEC) rigid approach is being called out by market participants, legal experts and industry insiders, all independently accusing the agency for its autocratic attitude and shortage of communication. 

The largest cryptocurrency trading platform in the US, Coinbase, publicly disclosed that it has been left in the dark by the regulator about why its new product violates the compliance frame, despite months of effort to engage with the SEC.

In the meantime, the bomb that was dropped last year when the regulator filed a lawsuit against Ripple and its current and former CEOs, alleging that the company’s sale of XRP was an unregistered security offering worth more than $1.38 billion, is getting ready to explode.

Lack of corroboration

According to accusations circulating on Twitter, the regulator’s methods lack transparency and corroboration, which led some to question if there is any good will to regulate, or if the end goal is to completely control and eradicate.

Ask @coinbase why they shut down margin yet it’s still widely offered by competitors. US regulators are beating down good actors because it’s convenient. Meanwhile, actual scams run unabated for years. Who is behind the effort to drive domestic businesses and consumers offshore? https://t.co/gJiRp67iqt

— Jesse Powell (@jespow) September 8, 2021

“The SEC will stop at nothing to control the entire crypto space. This isn’t just about Ripple. Coinbase accuses the SEC of using ‘intimidation tactics behind closed doors to stop the company from launching a lending program,” according to James K. Filan, a former federal prosecutor for the US Attorney’s Office for the District of Connecticut.

#XRPCommunity #XRP The SEC will stop at nothing to control the entire crypto space. This isn’t just about #Ripple. Coinbase accuses the SEC of using ‘intimidation tactics behind closed doors’ to stop the company from launching a lending program https://t.co/mrb9leMyQG via @WSJ

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 8, 2021

Filan also shared the regulator’s recent filing on Twitter, in which the agency opposed answering interrogatories regarding the application of the Howey test for determining the security status of XRP.

As for Coinbase, the SEC allegedly failed to communicate any details regarding the product’s assessment, for which they used “the prism of decades-old Supreme Court cases called Howey and Reves.” 

“The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion,” according to the exchange.

“The SEC won’t share the assessment itself, only the fact that they have done it,” explained Coinbase’s Chief Legal Officer Paul Grewal in the company’s official post on Medium. 

Not a legal advice 

The billionaire Mark Cuban, was among those who joined the conversation on Twitter, advising the offensive approach. 

Brian, this is “Regulation via Litigation”. They aren’t capable of working through this themselves and are afraid of making mistakes in doing so. They they leave it to the lawyers. Just the people you don’t want impacting the new technologies. You have to go on the offensive

— Mark Cuban (@mcuban) September 8, 2021

After the SEC filed suit against Ripple, Coinbase promptly removed XRP from its platform, but now some see this as an opportunity to join forces.

I think this would be a good time for Coinbase to publicly recognize that the SEC is overstepping and make the leap and realist XRP. Yes, you may face a lawsuit, but it’s time the crypto industry stand together and support each other. I stand with Coinbase and Ripple https://t.co/K94PwGOWLz

— Jesse Hynes (@jesse_hynes) September 8, 2021

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

cs-sanctor-news-post

Like what you see? Subscribe for updates.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Low Cost to Produce, and High Reinvestment. Here is why DocuSign (NASDAQ:DOCU) has a Great Expense Structure

Next Post

Ukraine adopts draft crypto law even as the IMF sounds alarms

Related Posts

Turkish watchdog stretches rules and allows crypto wallets to collect aid
Regulations

Turkish watchdog stretches rules and allows crypto wallets to collect aid

February 8, 2023
6
South Korea issues guidance on security tokens, STOs
Regulations

South Korea issues guidance on security tokens, STOs

February 6, 2023
3
CFTC commits to regulating crypto products that are not securities
Regulations

CFTC commits to regulating crypto products that are not securities

February 4, 2023
4
Binance, Kazakhstan agrees on ‘wait-and-see’ approach in regulating DeFi
Regulations

Binance, Kazakhstan agrees on ‘wait-and-see’ approach in regulating DeFi

February 4, 2023
5
DOJ probes Silvergate over FTX, Alameda ties
Regulations

DOJ probes Silvergate over FTX, Alameda ties

February 3, 2023
3
Next Post
Ukraine adopts draft crypto law even as the IMF sounds alarms

Ukraine adopts draft crypto law even as the IMF sounds alarms

Recommended

2 reasons Meta stock is exploding 20% after a whopper earnings miss

2 reasons Meta stock is exploding 20% after a whopper earnings miss

February 2, 2023
6
G7 says crypto regulation must be swift and comprehensive

Australian regulators reported concern surrounding FTX – 8 months before its collapse

January 30, 2023
4
the case for selling its F1 team

Aston Martin shares rising wedge puts the recovery at risk

February 3, 2023
3
Will Shiba Inu’s Shibarium launch on the 14th of February? Lead developer shares updates

Will Shiba Inu’s Shibarium launch on the 14th of February? Lead developer shares updates

February 3, 2023
6
here’s a retail stock to still buy

here’s a retail stock to still buy

January 19, 2023
5
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Web3 Payments SaaS Can Push Mainstream Crypto Adoption
  • Tesla shares will be worth $1,500 by 2030: Ron Baron
  • Coinbase-Backed DeSo Unveils MegaSwap, a “Stripe for Crypto” product, with Over $5 Million in Volume

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?