coinbase Directory currently nine crypto-asset securities, as reported by the SEC. He revealed it in a complaint against a former employee of coinbase I accused of insider trading. However, coinbasethe US Department of Justice (DOJ) and the CFTC appears to disagree with the SEC’s latest statement.
The SEC is suing coinbase for presumed titles.
At least nine digital assets listed on the cryptocurrency exchange coinbase are unregistered securities, the US SEC said today in a new court filing. The process attempted to be against a former employee of coinbase accused of initiation offense
More precisely, ishanwahiand two other people were charged withan initiation offense scheme. This allowed them to earn over $1.1 million in illicit proceeds. Wahi would have informed his brother Nikhil Wahi and they are friends Samir Ramanicome from listing tokens on the exchange.
The 9 actions of the question include:
- GPA (AMP ),
- Rally ( RLY ),
- driftDEX (DDX ),
- XYO ( XYO ),
- rare Governance token ( TMN ),
- LCX ( LCX ),
- big Book ( POWER ),
- DFX Finance ( DFX ) and
- chromatic ( KROM ).
The complaint states: “A digital token or crypto asset is a crypto asset security if it meets the definition of a security, which securities law defines as including an “investment contract,” i.e., I will say whether it constitutes an investment by Argentina in a joint venture, with an attempt to profit from the efforts of others. »
Also read: Crypto miners in Texas resume operations after state-mandated shutdown.
The CFTCthe DOJ and the stock market at odds with the SEC
According to Caroline D. Pham, commissioner of the CFTCThe decision to value nine of the jets mentioned in the indictment as securities could have far-reaching implications for future legal litigation and for consumers.
The SEC’s heavy-handed tactics were questioned by Pham. she pointed out the importance for regulators of working together to avoid unnecessary friction caused by uncertain regulations.
It is the primary public interest and questions raised as to the legal status of various digital acts, such as certain utility tokens and coins related to DAO, CFTC “Should use all available means to fulfill its statutory mandate to strictly enforce the law and enforce the commodity Swap Law“.
Furthermore, theand DOJ seems to agree with coinbase and the CFTC, and chose not to press charges for stock market fraud against the three defendants. For now, only the insider trading charges remain.
You CLO of coinbasePaul Grewal to persevere by saying that, unfortunately, there is still no clear regulatory framework for digital titles in the United States. In light of this fact, the official policy of coinbase Any token that could be considered a security should be avoided and immediate realization that a strong legal framework regarding digital securities will be set in stone by the US government.
For now, the court case will proceed without the additional stock fraud charge. This focused on the charges of insider trading and conspiracy.
Bonus: Twitter obtained a lawsuit against Elon Musk in October against the cancellation of the proposed acquisition.