Web3 Diaries-SEC Recommendation On Coinbase
The U.S. Securities and Exchange Commission (SEC) hasn’t made a decision on whether it will respond to Coinbase’s (COIN) petition for rulemaking and its enforcement action against the crypto trading platform isn’t inconsistent with any decision on rulemaking, the regulator said Tuesday.
The SEC responded to a court order on how it was currently looking at the rulemaking petition in light of the agency enforcement action against Coinbase, which the regulator sued last Tuesday on allegations it was operating an unregistered securities exchange, broker and clearing agency.
Though Coinbase has argued that the SEC has decided to reject the petition, the SEC said Tuesday that it hadn’t made a decision one way or another, though agency staff think they will make a recommendation within 120 days.
U.S. Judge Rebuffs SEC Request For Binance.US Asset Freeze For Now
The federal judge overseeing the U.S. Securities and Exchange Commission’s case against Binance and Binance.US declined to order a temporary restraining order freezing the U.S. trading platform’s assets.
That would allow the U.S. arm of the company to continue doing business while hashing out restrictions with the regulator.
If the two sides can agree on limits, Judge Amy Berman Jackson, of the D.C.
District Court, said “there’s absolutely no need” for a restraining order. In the meantime, the judge ordered Binance.US to provide a list of its business expenses to the court, and ordered the parties to continue negotiating. A status update is due by close of business Thursday.
Hong Kong’s Crypto Rules Aren’t Going to Bring in Exchanges
The ongoing lawsuit from the Securities and Exchange Commission (SEC), is forcing crypto exchanges such as Coinbase, Kraken and others to move to safer shore. Hong Kong lawmaker has invited Coinbase to set up shop in the territory.
After all, Hong Kong is in the process of making rules for crypto. In the U.S., Coinbase has to sue to try and compel the SEC to make rules for it to operate.
So on paper Coinbase making a move to another jurisdiction would make sense, and Hong Kong, with its rulebook and traditional position as a fast-moving market hub in Asia, would be a logical place to move to.
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