The US Securities and Exchange Commission (SEC) has begun to study the activities of every cryptocurrency exchange registered in the country. Senator Cynthia Lummis, an assistant to Senator Cynthia Lummis, told Forbes.
According to him, the investigation by the regulator of Coinbase is just the tip of the iceberg. For other bitcoin exchanges, the process is at various stages. According to CoinGecko, there are 40 registered platforms in the US.
An unnamed senior official at one of the companies confirmed that the department would file a lawsuit against some. He also did not rule out that bitcoin forks like Litecoin could get the status of a security.
The SEC did not respond to a request from journalists.
The aide to the senator emphasized that Gary Gensler's office urgently wants to end its dispute with the CFTC regarding the mandate to oversee crypto companies. If the agencies do not resolve this issue on their own, Congress may intervene in the process, which favors the approach of Rostin Benam's department, he added.
In the conversation, team member Lummis made it clear that this dialogue was not particularly fruitful.  ;
The situation was exacerbated by the SEC lawsuit against the ex-employee of Coinbase and his accomplices due to insider trading. The agency classified 9 of the 25 cryptocurrencies that the defendants used in their transactions as securities.
Later, Gary Gensler announced the development of ways to register digital assets as investment contracts and the intensification of efforts to register cryptocurrency platforms. In May, an official warned of possible prosecution of unregistered bitcoin exchanges.
The CFTC criticized the SEC lawsuit against a former Coinbase employee.
In July, a group of senators introduced the Digital Goods Consumer Protection Act. It requires firms that offer digital asset trading to register with the CFTC.
FTX CEO Sam Bankman-Fried said the bill complements previous initiatives by Cynthia Lummis and Kirsten Gillibrand, as well as Ro Hannah. He was also supported by Benam.
The Forbes interlocutor estimated the probability of approval of each of the bills by the end of the year at less than 50%.
Recall that the CFTC announced the creation of the Office of Technology Innovation, which will regulate the industry.
Earlier, Binance.US delisted the AMP token due to the SEC case against Coinbase.
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