Reporter: Cai Ding Editor: Lan SuyingThe US regulators are increasingly cracking down on and supervising the entire Cryptocurrency industry.On Monday (June 5) this week (US Eastern Time), the U
Reporter: Cai Ding Editor: Lan Suying
The US regulators are increasingly cracking down on and supervising the entire Cryptocurrency industry.
On Monday (June 5) this week (US Eastern Time), the U.S. Securities and Exchange Commission (SEC) sued the world's largest Cryptocurrency exchange, Yuan An, and its founder and CEO Changpeng Zhao, with the accusation of violating the US federal securities law, saying that Yuan An and Changpeng Zhao's operator are a "fraud network". The next day, the SEC filed a lawsuit against Coinbase, the largest Cryptocurrency platform in the United States (COIN, with a stock price of $53.26 and a market value of $12.49 billion). nowadaysThe Cryptocurrency, which is regarded as unregistered securities by US regulators, has exceeded US $120 billion.
Kevin O'Brien, a former federal prosecutor, said that if the SEC wins the case, the Cryptocurrency industry will undergo a complete transformation.
This should not be seen as a subversion of the entire Cryptocurrency industry, but a subversion of a large market.The entire Cryptocurrency industry needs to ensure a clear, focused, secure and reliable business model in the future so that market participants can continue to provide value to their legitimate customers. "
Coin An and Coinbase are under "regulatory hammer"
Reuters reported that the two successive SEC lawsuits marked a sharp escalation of the U.S. regulators' attack on the Cryptocurrency industry, and may greatly change the market that is still in the blind spot of supervision.
According to the lawsuit,SEC believes that Yuan'an, Yuan'an America and Changpeng Zhao provide unregistered securities to the public in the form of BNB token and BUSD Stablecoin linked to Yuan'an, and also accuses the pledge service of Yuan'an of violating the securities law. BAMTrading (the operating company of Coin America) also faces similar charges, including failing to register as a clearing house, failing to register as a broker, and failing to register as an exchange. In addition, the SEC also accused Yuanan of allowing mixed customer funds. Changpeng Zhao "secretly" controlled Yuanan America. Changpeng Zhao exaggerated the trading volume of Yuanan America.
The SEC has released a 136 page lawsuit outlining the similarities between the alleged actions of Coin An and its fallen competitor FTXIt can be seen that it has been prepared for a long time..
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Image source: Google Finance
Will the Cryptocurrency industry change dramatically?
According to a Reuters report,If the SEC wins, it may change the Cryptocurrency market by maintaining its jurisdiction over the industry.
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Kevin O'Brien, a partner at Ford O'BrienLandy law firm and former federal prosecutor, stated that although the cases of Coin An and Coinbase are different, they all point in the same direction:SEC.O'BrienSEC.SEC.O'Brien.
Screenshot of the New York Times report
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Lutz believes that for investors, the short-term impact of SEC's litigation against Coinbase and Coinbase is mainly related to the downward pressure on Cryptocurrency stock and token prices. In addition,..
Lutz also pointed out that,If banks and other service providers become more cautious about Cryptocurrency business, the funds flowing into Cryptocurrency may encounter difficulties.
.....LutzDaily Economic News.
Daily Economic News
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