Home Fear & Greed Pools Wallets Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 16545
Markets: 95050
Crypto Currency Tracker logo Crypto Currency Tracker logo
ENG
EST
RUS
TUR
DEU
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRO
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VEF
VND
VES
VUV
WST
ZAR
ZMW
ZWL
Market Cap
24h Vol
16545
Cryptocurrencies
57.49%
Bitcoin Share
NewsBTC 2023-05-17 09:30:42

Coinbase And Ripple Playing Game Of Poker With The SEC, CNBC Correspondent Says

Coinbase And Ripple Playing Game Of Poker With The SEC, CNBC Correspondent Says

Amid deep regulatory uncertainty in the United States, several cryptocurrency firms consider sailing to more welcoming atmospheres. Top US-based firms Ripple and Coinbase, who’ve been cross-chairs with the Securities and Exchanges Commission (SEC), have already hinted at possible relocation. Reacting to the issues, two CNBC correspondents, Ryan Browne, and Arjun Kharpal, weighed in. According to the journalists, crypto companies like Ripple and Coinbase are playing a poker game with the SEC. Crypto Firms Threaten Relocation To Ease Regulatory Pressure The regulatory atmosphere in the US crypto space has become supercharged over the past few months as the SEC accelerated their crackdown moves against crypto companies. The SEC turned its attention to Coinbase, Binance, Bittrex, and Kraken amid long-running litigation with Ripple. Related Reading: Why Litecoin Is The Most Undervalued Asset in Crypto These firms aren’t comfortable with the increased enforcement threats from the regulators as they complain the SEC has taken the regulation-by-enforcement approach without providing any clear guidelines for them. Coinbase and Ripple even threatened to relocate their business outside the US, hoping regulators would reconsider their hawkish stance. The CNBC correspondents further noted that Ripple executives joined forces to publicly criticize the SEC and gain support from the broader crypto community. Prioritizing Politics Over Policy Is Unfavourable for the Economy, Ripple CEO Says In their report, Browne and Kharpal quoted Ripple CEO Brad Garlinghouse, who, as a US citizen, expressed his disappointment with the situation. In a statement, Garlinghouse said, “The US is getting passed not just by a little bit but by a lot.” Garlinghouse claims more challenging is the fact that the US considers politics over policy, an unfavorable decision for investors. On most occasions, the SEC repeatedly argued that nearly all crypto tokens in the market constitute securities. Related Reading: Power Play: Top 5 Cryptos Set To Ignite The Week With Decent Gains That was why the regulator sued Ripple in December 2020, accusing the firm of offering XRP as an unregistered security. However, Ripple has continued to contest this issue in court with the SEC, hoping to get a favorable ruling soon. The SEC did not only point fingers at Ripple, as it recently came at Coinbase, issuing a Wells Notice alleging possible securities law violation. Crypto exchange Kraken suffered the same fate and had no choice but to discontinue its staking services in the US with a settlement of $30 million. The SEC claims its moves are to protect Americans from crypto investment risks. However, pro-XRP lawyer, John Deaton, asked the SEC chief, Gary Gensler, to stop claiming to protect the American public against crypto. These regulatory actions have attracted reactions from industry figureheads, including Cardano founder Charles Hoskinson. Hoskinson urged crypto enthusiasts to support pro-crypto policies in the next elections to stop regulatory issues. Featured image from Pixabay and chart from TradingView

Most Read News

Market Cap
24h Vol
57.49%
Bitcoin Share
0
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.