August 12, 2022

  • Forbes reported that an employee of Senator Loomis’ office said every US exchange, and Binance, is under investigation by the Securities and Exchange Commission.
  • The Securities and Exchange Commission can look into whether these exchanges allow the listing of unregistered securities.
  • The Securities and Exchange Commission was adamant that the market had no unregistered securities.

An employee from the office of US Senator Cynthia Loomis said that every exchange in the country, in addition to Binance, is under investigation by the US Securities and Exchange Commission. This note comes after circulating reports that the regulator was investigating Coinbase. Forbes first reported the story on August 4.

The SEC has not officially confirmed any such investigation, but employee comments It is in line with the general sentiment that the SEC has shown over the past 12 months. The agency has been careful to tell entities in space that they will have to operate within the law, and will conduct investigations if necessary.

The regulator has not been shy when it comes to filing lawsuits, although it is unclear whether it will take such action against any of the major exchanges. If that happens, it will become the most serious lawsuit before it, and will outweigh even the lawsuit it had against Ripple.

The Securities and Exchange Commission has been clear that it does not want exchanges that sell unregistered securities, or that ventures offer these assets without registration. I have taken many steps to adhere to this protocol, and the past few months have shown that it will only get tougher when it comes to examining the market.

Crypto discussions continue until 2022

Some in the industry might argue that regulation has been a long time coming and will do a good job in the long run, but the implications of what is being determined will be far-reaching. Whether or not Ethereum is a security, for example, will have massive repercussions for a large portion of the market.

Besides discussing how the asset class is regulated, many agencies in the US are also deliberating on who should be responsible for oversight. The Commodity Futures Trading Commission (CFTC) is also frequently involved in enforcing actions in the cryptocurrency market.

Bitcoin seems safe, but others may not be so lucky. The United States has begun to review laws regulating cryptocurrency, which could be on the table by 2023, but until then, it is reasonable to expect a large number of opinions and disagreements on the finer points.

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