In short: The US Securities and Exchange Commission (SEC) has been given 10 days to respond to Coinbase's complaint about unclear regulation. The request for clarity on whether the industry would be regulated using existing frameworks dates back to July 2022, and was met with a Wells notice from the SEC. With the agency becoming increasingly aggressive towards crypto firms in recent times, more companies are now looking to move their operations elsewhere. Coinbase, for its part, announced a non-US institutional user platform based in Bermuda with Bitcoin and Ethereum perpetual futures.
Our quick analysis:
Coinbase, one of the biggest names in the cryptocurrency industry, has been embroiled in a legal battle with the United States Securities and Exchange Commission (SEC) since July 2022. The issue revolves around clarity on whether the SEC would allow the crypto industry to be regulated using existing frameworks. Now, a US court has ordered the SEC to respond to Coinbase's petition within 10 days, adding fuel to the already escalating tensions between the two entities.
The SEC's aggressive enforcement actions and warnings against crypto firms like Bittrex, Gemini, and Genesis have created a ripple effect in the industry. Tron's Justin Sun and disgraced Terraform Labs founder Do Kwon are among the individual actors targeted by the agency. As a result, many firms are moving their operations to more crypto-friendly jurisdictions.
Coinbase is not an exception. The San Francisco-based exchange launched a Bermuda-based marketplace for non-US institutional users, offering Bitcoin and Ethereum perpetual futures, with trades settled in the USDC stablecoin. The move follows regulatory approval from the Bermuda Monetary Authority (BMA), highlighting the global push for crypto businesses to find a friendly home.
The court's ruling on Coinbase's petition could have far-reaching implications for regulation in the crypto industry. For now, we can only wait and see how the SEC responds and what the outcome will be. As for Coinbase, their fight for clarity continues. Stay tuned for updates.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Coinbase, one of the biggest names in the cryptocurrency industry, has been embroiled in a legal battle with the United States Securities and Exchange Commission (SEC) since July 2022. The issue revolves around clarity on whether the SEC would allow the crypto industry to be regulated using existing frameworks. Now, a US court has ordered the SEC to respond to Coinbase's petition within 10 days, adding fuel to the already escalating tensions between the two entities.
The SEC's aggressive enforcement actions and warnings against crypto firms like Bittrex, Gemini, and Genesis have created a ripple effect in the industry. Tron's Justin Sun and disgraced Terraform Labs founder Do Kwon are among the individual actors targeted by the agency. As a result, many firms are moving their operations to more crypto-friendly jurisdictions.
Coinbase is not an exception. The San Francisco-based exchange launched a Bermuda-based marketplace for non-US institutional users, offering Bitcoin and Ethereum perpetual futures, with trades settled in the USDC stablecoin. The move follows regulatory approval from the Bermuda Monetary Authority (BMA), highlighting the global push for crypto businesses to find a friendly home.
The court's ruling on Coinbase's petition could have far-reaching implications for regulation in the crypto industry. For now, we can only wait and see how the SEC responds and what the outcome will be. As for Coinbase, their fight for clarity continues. Stay tuned for updates.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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