• Market Cap: $1,147,676,533,437.08
  • 24h Vol: $39,203,288,267.76
  • BTC Dominance: 44.73%
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
Sri Lanka central bank reiterates crypto warning following protestors seizing president’s residence
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

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

June 8, 2023
Polygon Labs president testifies on democratizing the internet with Web3, blockchains

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

June 8, 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

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

by Jon Hartney
June 8, 2023
0

Enjin chief technology officer Witek Radomski said the new blockchain aims to promote creativity by facilitating the

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

by Jon Hartney
June 8, 2023
0

The US House Committee explores blockchain and Web3’s future as industry leaders testify on democratizing the

US federal court dismisses lawsuit against DeFi platform PoolTogether

US federal court dismisses lawsuit against DeFi platform PoolTogether

by Jon Hartney
June 8, 2023
0

The DeFi community funded the protocol's legal defense through a $14 million nonfungible token sale back in 2022

EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter

EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter

by Jon Hartney
June 8, 2023
0

The largest European consumer rights group alleges crypto marketers on popular social networks use misleading

GameStop fires CEO Matt Furlong months after axing crypto push

GameStop fires CEO Matt Furlong months after axing crypto push

by Jon Hartney
June 8, 2023
0

The executive, once instrumental to the company’s NFT efforts, was “terminated” amid lackluster Q1 earnings

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
NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

NFT platform Enjin forks Polkadot parachain Efinity to new mainnet

June 8, 2023
Polygon Labs president testifies on democratizing the internet with Web3, blockchains

Polygon Labs president testifies on democratizing the internet with Web3, blockchains

June 8, 2023
US federal court dismisses lawsuit against DeFi platform PoolTogether

US federal court dismisses lawsuit against DeFi platform PoolTogether

June 8, 2023
EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter

EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter

June 8, 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

  • NFT platform Enjin forks Polkadot parachain Efinity to new mainnet June 8, 2023
  • Polygon Labs president testifies on democratizing the internet with Web3, blockchains June 8, 2023
  • US federal court dismisses lawsuit against DeFi platform PoolTogether June 8, 2023
  • EU watchdog targets crypto ads on Instagram, Youtube, TikTok, Twitter June 8, 2023
  • GameStop fires CEO Matt Furlong months after axing crypto push June 8, 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)$26,441.00-0.87%
  • ethereumEthereum(ETH)$1,845.14-0.91%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$262.84-3.91%
  • usd-coinUSD Coin(USDC)$1.000.00%
  • rippleXRP(XRP)$0.52-1.82%
  • staked-etherLido Staked Ether(STETH)$1,842.65-1.17%
  • cardanoCardano(ADA)$0.326934-3.56%
  • dogecoinDogecoin(DOGE)$0.068041-0.03%
  • solanaSolana(SOL)$18.73-5.60%
  • matic-networkPolygon(MATIC)$0.78-2.06%
  • tronTRON(TRX)$0.077515-0.02%
  • litecoinLitecoin(LTC)$88.12-2.01%
  • polkadotPolkadot(DOT)$5.01-2.08%
  • binance-usdBinance USD(BUSD)$1.00-0.27%
  • avalanche-2Avalanche(AVAX)$13.94-3.28%
  • shiba-inuShiba Inu(SHIB)$0.000008-0.57%
  • daiDai(DAI)$1.00-0.02%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,543.00-0.39%
  • uniswapUniswap(UNI)$4.62-1.96%
  • leo-tokenLEO Token(LEO)$3.52-0.35%
  • chainlinkChainlink(LINK)$5.99-1.76%
  • cosmosCosmos Hub(ATOM)$9.58-3.82%
  • okbOKB(OKB)$44.51-1.31%
  • moneroMonero(XMR)$144.42-0.99%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • ToncoinToncoin(TON)$1.660.58%
  • ethereum-classicEthereum Classic(ETC)$16.99-0.97%
  • stellarStellar(XLM)$0.087104-1.93%
  • bitcoin-cashBitcoin Cash(BCH)$111.81-0.19%
  • true-usdTrueUSD(TUSD)$1.00-0.19%
  • lido-daoLido DAO(LDO)$2.18-7.99%
  • internet-computerInternet Computer(ICP)$4.16-3.92%
  • filecoinFilecoin(FIL)$4.13-4.14%
  • quant-networkQuant(QNT)$111.03-4.35%
  • AptosAptos(APT)$7.74-3.48%
  • crypto-com-chainCronos(CRO)$0.059383-0.35%
  • hedera-hashgraphHedera(HBAR)$0.048447-2.03%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • ArbitrumArbitrum(ARB)$1.13-2.33%
  • vechainVeChain(VET)$0.017817-3.59%
  • nearNEAR Protocol(NEAR)$1.42-3.74%
  • apecoinApeCoin(APE)$2.91-2.20%
  • the-graphThe Graph(GRT)$0.113880-2.16%
  • paxos-standardPax Dollar(USDP)$1.000.35%
  • fraxFrax(FRAX)$1.00-0.40%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • eosEOS(EOS)$0.891.26%
  • rocket-poolRocket Pool(RPL)$47.43-1.49%
  • the-sandboxThe Sandbox(SAND)$0.488271-4.53%
  • blockstackStacks(STX)$0.65-0.29%
  • algorandAlgorand(ALGO)$0.123975-6.84%
  • elrond-erd-2MultiversX(EGLD)$35.08-2.78%
  • optimismOptimism(OP)$1.38-2.20%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,981.47-0.80%
  • aaveAave(AAVE)$59.52-2.27%
  • render-tokenRender(RNDR)$2.23-4.38%
  • fantomFantom(FTM)$0.293008-2.30%
  • tezosTezos(XTZ)$0.84-3.22%
  • decentralandDecentraland(MANA)$0.418740-5.18%
  • theta-tokenTheta Network(THETA)$0.76-1.82%
  • usddUSDD(USDD)$1.000.17%
  • immutable-xImmutableX(IMX)$0.72-0.77%
  • axie-infinityAxie Infinity(AXS)$6.24-4.83%
  • BitDAOBitDAO(BIT)$0.482837-1.63%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.820.35%
  • radixRadix(XRD)$0.0671640.81%
  • havvenSynthetix Network(SNX)$2.12-4.37%
  • Bitget TokenBitget Token(BGB)$0.4818880.96%
  • kucoin-sharesKuCoin(KCS)$6.84-2.82%
  • flowFlow(FLOW)$0.63-3.75%
  • neoNEO(NEO)$9.02-2.87%
  • galaGALA(GALA)$0.026120-2.34%
  • curve-dao-tokenCurve DAO(CRV)$0.76-2.14%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • bitcoin-cash-svBitcoin SV(BSV)$30.23-0.90%
  • terra-lunaTerra Luna Classic(LUNC)$0.000098-0.08%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.24%
  • gatechain-tokenGate(GT)$4.08-1.16%
  • makerMaker(MKR)$629.04-0.58%
  • injective-protocolInjective(INJ)$6.87-4.45%
  • kavaKava(KAVA)$0.97-15.68%
  • klay-tokenKlaytn(KLAY)$0.166065-6.86%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • bittorrentBitTorrent(BTT)$0.0000010.07%
  • iotaIOTA(MIOTA)$0.179901-1.48%
  • pax-goldPAX Gold(PAXG)$1,920.41-0.70%
  • Tokenize XchangeTokenize Xchange(TKX)$6.14-2.85%
  • casper-networkCasper Network(CSPR)$0.0442470.11%
  • compound-ethercETH(CETH)$37.05-0.72%
  • conflux-tokenConflux(CFX)$0.229710-4.86%
  • tether-goldTether Gold(XAUT)$1,945.76-0.85%
  • xdce-crowd-saleXDC Network(XDC)$0.0343562.70%
  • chilizChiliz(CHZ)$0.087691-4.39%
  • PepePepe(PEPE)$0.000001-2.98%
  • huobi-tokenHuobi(HT)$2.84-1.15%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • gmxGMX(GMX)$51.24-2.45%
  • mina-protocolMina Protocol(MINA)$0.490481-2.67%