SEC to probe more exchanges and DeFi players after Coinbase and Binance
FXstreet
20 Sep 2023 12:13 AM
US Securities and Exchange Commission (SEC) has been clamping down on the crypto industry, with Binance and Coinbase exchanges being in the front line...
- The head of Crypto Assets and Cyber Unit at the US SEC, David Hirsch, warns of more charges coming to the crypto and DeFi spaces.
- Hirsch states that Coinbase and Binance are not the only industry players contravening the law.
- The SEC is facing multiple lawsuits, which may limit its ability to take action against all lawbreakers.
- Hirsch suggests that intermediaries failing to meet obligations, such as brokers, dealers, exchanges, and clearing agencies, may be targeted.
- The SEC's enforcement approach has been criticized, with accusations of threatening the industry and driving businesses out of the US.
- Some believe that the SEC may lose the long game due to their bone of contention not being founded in the law.
The sentiment of the article is mostly negative, as it highlights potential charges, lawsuits, and criticism towards the SEC's enforcement approach.
You May Ask
Who is the head of Crypto Assets and Cyber Unit at the US SEC?Which crypto exchanges have been targeted by the SEC?Besides Coinbase and Binance, which other industry players are contravening the law?What types of intermediaries may be targeted by the SEC?Why has the SEC's enforcement approach been criticized?