SEC launches investigation into all crypto exchanges in the US
Under the supervision of the regulator got, including the US arm of Binance
05.08.2022 - 09:00
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What’s new? The US Securities and Exchange Commission (SEC) intends to conduct investigations against all crypto exchanges that operate in the United States. According to the Forbes story, the regulator targeted, among others, the US arm of Binance. According to staff from Senator Cynthia Lummis’ office, investigations into each of the exchanges are in different stages. According to CoinGecko, there are more than 40 digital asset trading platforms in the United States.
What else is known about the situation? According to an anonymous employee, the SEC wants to resolve a dispute with the US Commodity Futures Trading Commission (CFTC) on the right to regulate the crypto market. If the situation is not resolved within the agencies, Congress will get involved and is likely to side with the CFTC. Earlier SEC Chair Gary Gensler said that most crypto assets fit the definition of securities and, therefore, should be controlled by his agency. At the end of June, he instructed staff to work directly with exchanges for their registration with the SEC.
On August 3, Senators Senate Debbie Stabenow and John Boozman introduced a bill that would give the CFTC the authority to regulate the crypto market. If approved, the proposal would regulate digital assets as commodities rather than securities. Crypto companies would also be required to register with the CFTC. Senators Cynthia Lummis and Kirsten Gillibrand introduced their bill in June, where they also proposed appointing the CFTC as the primary regulator.
The Commission itself already created the Office of Technology Innovation (OTI). Starting in late July, CFTC employees can undertake an internship at OTI to gain experience in the field of cryptocurrencies.
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