• Market Cap: $1,197,311,514,638.40
  • 24h Vol: $21,346,595,503.99
  • BTC Dominance: 44.09%
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
Coinbase SEC investigation could have ‘serious and chilling’ effects: Lawyer
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

Three Reasons Behind Bitcoin’s 2023 Resurgence

Three Reasons Behind Bitcoin’s 2023 Resurgence

June 4, 2023
5 free ChatGPT and generative AI courses

5 free ChatGPT and generative AI courses

June 4, 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

Three Reasons Behind Bitcoin’s 2023 Resurgence

Three Reasons Behind Bitcoin’s 2023 Resurgence

by Jon Hartney
June 4, 2023
0

After the naysayers left Bitcoin for dead in 2022, it’s back with a bang so far in 2023 Here’s

5 free ChatGPT and generative AI courses

5 free ChatGPT and generative AI courses

by Jon Hartney
June 4, 2023
0

Level up your skills in language models and automation with free ChatGPT and generative AI courses

Pro-XRP attorney’s phone hacked to promote LAW token

Pro-XRP attorney’s phone hacked to promote LAW token

by Jon Hartney
June 4, 2023
0

Lawyer John Deaton alerted followers via his daughter’s account, urging people to report the hack as the XRP

FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

by Jon Hartney
June 4, 2023
0

The FTX debtors alleged that the claim was filed "without any advance notice," and they were not invited to participate

Elliptic integrates ChatGPT to bolster crypto risk detection

Elliptic integrates ChatGPT to bolster crypto risk detection

by Jon Hartney
June 4, 2023
0

Crypto risk management firm Elliptic believes that ChatGPT will assist in exposing crypto risks to users that "they

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

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

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

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

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

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

0
Three Reasons Behind Bitcoin’s 2023 Resurgence

Three Reasons Behind Bitcoin’s 2023 Resurgence

June 4, 2023
5 free ChatGPT and generative AI courses

5 free ChatGPT and generative AI courses

June 4, 2023
Pro-XRP attorney’s phone hacked to promote LAW token

Pro-XRP attorney’s phone hacked to promote LAW token

June 4, 2023
FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

June 4, 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

  • Three Reasons Behind Bitcoin’s 2023 Resurgence June 4, 2023
  • 5 free ChatGPT and generative AI courses June 4, 2023
  • Pro-XRP attorney’s phone hacked to promote LAW token June 4, 2023
  • FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’ June 4, 2023
  • Elliptic integrates ChatGPT to bolster crypto risk detection June 4, 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)$27,221.000.19%
  • ethereumEthereum(ETH)$1,904.540.05%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$307.08-0.09%
  • usd-coinUSD Coin(USDC)$1.000.03%
  • rippleXRP(XRP)$0.530.75%
  • staked-etherLido Staked Ether(STETH)$1,903.720.02%
  • cardanoCardano(ADA)$0.3810431.27%
  • dogecoinDogecoin(DOGE)$0.0728390.33%
  • solanaSolana(SOL)$21.772.78%
  • matic-networkPolygon(MATIC)$0.90-0.20%
  • tronTRON(TRX)$0.081799-3.25%
  • litecoinLitecoin(LTC)$96.21-0.69%
  • polkadotPolkadot(DOT)$5.361.28%
  • binance-usdBinance USD(BUSD)$1.000.01%
  • shiba-inuShiba Inu(SHIB)$0.0000090.05%
  • avalanche-2Avalanche(AVAX)$14.751.54%
  • daiDai(DAI)$1.000.04%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,241.000.14%
  • uniswapUniswap(UNI)$5.110.57%
  • leo-tokenLEO Token(LEO)$3.59-0.21%
  • chainlinkChainlink(LINK)$6.511.19%
  • cosmosCosmos Hub(ATOM)$10.831.82%
  • okbOKB(OKB)$46.07-0.19%
  • moneroMonero(XMR)$150.072.17%
  • ethereum-classicEthereum Classic(ETC)$18.22-0.04%
  • ToncoinToncoin(TON)$1.74-0.63%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • stellarStellar(XLM)$0.092391-0.56%
  • bitcoin-cashBitcoin Cash(BCH)$116.501.40%
  • internet-computerInternet Computer(ICP)$4.840.48%
  • filecoinFilecoin(FIL)$4.85-1.02%
  • true-usdTrueUSD(TUSD)$1.00-0.03%
  • lido-daoLido DAO(LDO)$2.31-0.66%
  • AptosAptos(APT)$9.161.25%
  • quant-networkQuant(QNT)$117.411.25%
  • crypto-com-chainCronos(CRO)$0.0616013.43%
  • hedera-hashgraphHedera(HBAR)$0.050795-0.18%
  • ArbitrumArbitrum(ARB)$1.23-0.90%
  • nearNEAR Protocol(NEAR)$1.651.45%
  • vechainVeChain(VET)$0.020054-0.22%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • apecoinApeCoin(APE)$3.160.96%
  • the-graphThe Graph(GRT)$0.128611-0.33%
  • algorandAlgorand(ALGO)$0.1528520.24%
  • the-sandboxThe Sandbox(SAND)$0.581.39%
  • eosEOS(EOS)$0.920.41%
  • paxos-standardPax Dollar(USDP)$1.000.02%
  • fraxFrax(FRAX)$1.000.30%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • render-tokenRender(RNDR)$2.735.55%
  • elrond-erd-2MultiversX(EGLD)$38.873.29%
  • optimismOptimism(OP)$1.511.14%
  • rocket-poolRocket Pool(RPL)$49.921.34%
  • aaveAave(AAVE)$64.420.84%
  • decentralandDecentraland(MANA)$0.4944031.55%
  • fantomFantom(FTM)$0.320757-0.62%
  • tezosTezos(XTZ)$0.931.77%
  • blockstackStacks(STX)$0.620.88%
  • theta-tokenTheta Network(THETA)$0.851.20%
  • Rocket Pool ETHRocket Pool ETH(RETH)$2,046.180.12%
  • immutable-xImmutableX(IMX)$0.845.08%
  • axie-infinityAxie Infinity(AXS)$7.210.76%
  • flowFlow(FLOW)$0.730.25%
  • havvenSynthetix Network(SNX)$2.370.12%
  • usddUSDD(USDD)$1.000.02%
  • neoNEO(NEO)$10.48-0.95%
  • kucoin-sharesKuCoin(KCS)$7.460.25%
  • BitDAOBitDAO(BIT)$0.495541-0.56%
  • galaGALA(GALA)$0.029950-1.90%
  • curve-dao-tokenCurve DAO(CRV)$0.860.50%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.90-0.08%
  • radixRadix(XRD)$0.067423-0.30%
  • Bitget TokenBitget Token(BGB)$0.4706300.81%
  • bitcoin-cash-svBitcoin SV(BSV)$33.000.82%
  • injective-protocolInjective(INJ)$7.901.00%
  • makerMaker(MKR)$694.923.18%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • gatechain-tokenGate(GT)$4.41-0.11%
  • klay-tokenKlaytn(KLAY)$0.1865220.12%
  • conflux-tokenConflux(CFX)$0.272343-3.33%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.17%
  • iotaIOTA(MIOTA)$0.2048352.56%
  • bittorrentBitTorrent(BTT)$0.000001-0.52%
  • kavaKava(KAVA)$1.020.86%
  • chilizChiliz(CHZ)$0.1032071.99%
  • terra-lunaTerra Luna Classic(LUNC)$0.0000938.90%
  • PepePepe(PEPE)$0.000001-3.07%
  • casper-networkCasper Network(CSPR)$0.0474251.69%
  • Tokenize XchangeTokenize Xchange(TKX)$6.470.28%
  • pax-goldPAX Gold(PAXG)$1,949.18-0.15%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • SuiSui(SUI)$0.961.94%
  • mina-protocolMina Protocol(MINA)$0.551.34%
  • compound-ethercETH(CETH)$38.260.01%
  • dashDash(DASH)$43.470.64%
  • gmxGMX(GMX)$55.75-0.92%
  • ecasheCash(XEC)$0.0000250.50%
  • xdce-crowd-saleXDC Network(XDC)$0.035210-2.40%