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Recent probes launched by the U.S. Securities and Exchange Commission (SEC) have landed it under the scrutiny of the crypto industry leaders. Its latest inquiry over the Coinbase insider trading and calling nine listed digital assets a “Security” has raised everyone’s eyebrows.
Is SEC trying to score a win?
According to a report by Bloomberg, Coinbase came under the scan of the SEC since the platform increased the number of tokens for tradings. The platform offers its users over 150 tokens and if those products will be considered securities then Coinbase needs to get registered as an exchange.
Eleanor Terrett, a Fox Business journalist reported that an official close to the crypto exchange gave his comments over this investigation. She mentioned that this is a direct response to Congress’s increasing understanding that CFTC or other authorities can regulate this dynamic industry.
It added this is SEC’s last chance to take back control before the Lummis-Gillibrand crypto bill passes. However, there is a chance that Republicans take the office back. Meanwhile, Commission Chair Gary Gensler thinks to can get one big arrest or even one court win. This will help them to save their image and probably they can ditch CFTC from taking control.
Watchdog already involved in a legal battle
Coinbase has been in engaged clashes with the watchdog for making clearer rules for the industry. In a blog, it wrote that laws from the 1930s couldn’t predict crypto. This is the main reason why the exchange filed a petition against the commission to release security rules. New rules will help ease working with the security and will unlock new market possibilities for the traders.
Meanwhile, the SEC is already involved in the legal battle with Ripple over the nature of its native token, XRP. The Ripple lawsuit has proven to be a major landmark for the crypto industry. This will provide regulatory clarity over the categorization of tokens.
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