The request for Coinbase is an American company that operates a cryptocurrency exchange platform. comes into place after the SEC charged the exchange’s former product manager with insider trading of cryptocurrencies. In the complaint, the regulator described the traded assets as “tokenized securities” .
- Coinbase asks the SEC clear rules on tokenized securities and applicable laws.
- The exchange argues that the old 1933-34 laws cannot be used to clarify this doubt.
- La SEC still doesn’t seem to be clear on what could be considered a value among cryptocurrencies.
- Coinbase argues that this causes the US to miss out on market opportunities.
The international exchange based in the USA, Coinbase, solicitó formalmente a la Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) c o start working on rules applicable to cryptocurrencies that consider securities, in order to finally clarify the existing doubts surrounding these issues.
Coinbase asks the SEC more regulatory clarity
The accusations came after the complaints presented by the Department of Justice (DOJ) and the SEC against a former product manager for Coinbase, who was accused of using insider information to trade cryptocurrencies before they were listed on the exchange, which allowed him and his accomplices to make substantial profits in excess of $1.1 million.
The request for Coinbase to the SEC specifically points to the denunciation made by said regulatory body, which assured that the tokens traded by those implicated in the aforementioned crimes qualified as “ tokenized securities “This is because it fulfills certain characteristics that could apply to the rest of the popularly known cryptocurrencies.
In this regard, the policy director of Coinbase, Faryar Shinzad, indicated that 13 years after the birth of the Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. there has been a huge growth within the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry, but that at the moment there has “there is not a significantly large market an area or arena, online or offline, in which commercial dealings are conducted. for tokenized securities within the U.S.” . The representative of the exchange said that the rules established between 1933 and 1934 do not work to distinguish values between digital currencies, which represents a risk for the country in terms of competitiveness in this sector.
On the latter, Shirzad explains:
“The consequence is that the U.S. is falling behind in digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset innovation. Most of the digital assets traded today have the characteristics of commodities and, in many cases, were designed specifically to avoid securities laws….. In other words, as the cryptomarket develops, it is deliberately moving away from the stock market, one of the main financial markets in the United States.”
La SEC does not seem to have it clear
While Coinbase solicita a la SEC It also suggests opening up the discussion and giving participation to both the public and interested entities to obtain greater clarity on these issues:
“Crypto represents the next wave of innovation within the markets themselves, and any country that fosters that innovation while keeping investors safe will reap huge benefits. We need the SEC to once again write the rules that will unlock the potential of the US capital capital is most commonly defined as the large sum of money you would use to invest. markets, this time driven by the benefits that cryptocurrencies provide.”
Let’s keep in mind that the SEC currently has a dispute in court against Ripple Labs for what it considered to be an illegal sale of securities after the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. was traded. XRP between 2013 and 2015. The allegations presented in the trial seem to give reason to the company creator of solutions. Blockchain, which argues that its cryptocurrency is not a security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. and that owning it does not give them ownership of the company.
On the other hand, it was the same President of the SEC, Gary Gensler, who stated a few months ago that Bitcoin qualifies more as a commodity than a value. Although he did not refer to many other cases within the industry, the vast majority of exponents within the industry operate in a similar way to BTC by relying on the use of technology Blockchain.
Sin embargo, a la fecha la SEC has not formally pronounced itself on what it understands as a tokenized security, indicating which cryptocurrencies would fall into such a category as to apply to certain legal considerations.
- Grayscale takes legal action against SEC after its Bitcoin ETF an Exchange-traded Fund, an investment fund that users trade on exchanges and trading platforms. rejection
- SEC Chairman Gary Gensler argues Bitcoin qualifies more as a commodity than a security
- U.S. authorities charge former Coinbase manager with insider trading and cryptocurrency trading
Version by Angel Di Matteo / DiarioBitcoin
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