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The SEC has announced charges against Coinbase – just a day after the SEC's action against Binance. Read what experts from ETC Group and ARK36 experts have to say about the new charges and what they mean for crypto.
Bradley Duke, Founder and Co-CEO at crypto ETP provider ETC Group, says:
"By first going after Binance and then Coinbase in rapid succession, the SEC is sending a clear message to businesses operating in crypto, both foreign and homegrown, “You are not welcome in the US”. There is no regulatory framework for crypto in the US so companies operating in this sector are completely in the dark as to how to be compliant and good corporate citizens. In contrast, Europe’s recently ratified MiCA framework offers up clear rules and guidance to crypto firms, giving comfort to services providers and investors alike - a far more welcoming environment.”
Mikkel Morch, Chairman and Non-Executive Director of crypto hedge fund ARK36, says:
“The SEC lawsuit against Coinbase, accusing the exchange of operating as an unregistered broker and exchange, adds another layer of complexity to the regulatory landscape for cryptocurrency platforms. With the charges coming just a day after the SEC's action against Binance, it is evident that the regulatory crackdown on the crypto industry is intensifying.”
“This case could set a precedent for how other exchanges are regulated and may prompt similar actions from regulators worldwide. Coinbase and Binance’s ability to navigate this legal battle will have significant implications for the broader cryptocurrency industry. As two of the most prominent and well-established exchanges, Coinbase and Binance have the resources to contest the SEC's charges. Their defense strategies and the legal outcomes will influence the regulatory approach towards other exchanges and shape the future of the industry.”
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.