Countries outside of the U.S. are moving to clarify the regulatory status of different crypto assets.
With the U.S. crypto sector rocked by the Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase, other countries are moving to avoid a similar situation with clear-cut crypto regulations.
U.S. Crypto Sector in Limbo While SEC Lawsuits Unfold
Criticism of the SEC’s recent actions rests on the fact that should it win its lawsuits, the agency will have massively curtailed Americans’ ability to trade cryptocurrencies.
Already, major exchanges are on the back foot. Binance has suspended USD deposits and crypto-to-dollar swaps. And the firm narrowly avoided a total shutdown by agreeing on a deal to avoid having its assets frozen.
Meanwhile, the likes of Robinhood, eToro, and Bakkt have swiftly delisted tokens named in the SEC lawsuits. And until a degree of regulatory clarity is achieved, it seems likely that such restrictions will remain in place.
Registering a securities offering with the SEC is an onerous undertaking for any business. And one that few crypto exchanges are prepared to undertake. Such a requirement would spell the end of the crypto trading market as we know it. And it could force many players to retreat from the U.S. market.
And as Coinbase CEO Brian Armstrong noted in an interview recently, the SEC has offered no pathway for his company or any other crypto exc
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Author: James Morales
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