Wall Street’s top cop is determined to bring crypto to heel. He just took a big shot – Gist It

Wall Street’s top cop is determined to bring crypto to heel. He just took a big shot

SEC charges against crypto exchanges Coinbase and Binance could define the future of cryptocurrencies and their regulations.

Key cases: The SEC’s lawsuits against both exchanges center around their failure to register with the agency, a step that crypto companies have resisted.
* The outcome of these cases could potentially force crypto companies to register with the SEC, resulting in a major change in the industry.

A turf war: SEC and the Commodity Futures Trading Commission (CFTC) dispute over which agency has the power to regulate crypto assets.
* SEC Chairman Gary Gensler believes most cryptocurrencies are securities and therefore fall under the SEC’s regulatory purview.

Industry impact: The lawsuits create uncertainty and potentially erode confidence in the entire cryptocurrency sector.
* Coinbase and Binance join a list of crypto companies against which the SEC has taken action, including Kraken, Genesis, and Gemini.

Looking ahead: While the outcome of these lawsuits could bring more transparency and regulation to the industry, the road to achieving that is likely to be messy and challenging.

View original article on NPR

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