The SEC identifies some cryptocurrencies that are considered securities…know them
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Answer The SEC identifies some cryptocurrencies that are considered securities…know them
Following the recent complaint from the SEC against Coinbase and accusing some of its employees of insider trading, the US Securities and Exchange Commission explicitly stated that the cryptocurrencies listed on Coinbase recently are in fact crypto-asset securities.
It is worth noting that none of these cryptocurrencies are in the top 50 coins on CoinMarketCap.
The digital currencies that the SEC claims to be securities are as follows:
Each cryptocurrency has its own ranking on CoinMarketCap:
Amp (#88), RLY (#161), POWR (#172), XYO (#272), RGT (#332), LCX (#386) DDX (#600) KROM (#1020), DFX (#3416) ).
Coinbase publicly responded to the SEC by specifically stating that the digital tokens referred to are not securities.
Read:Fifth largest bank in the US to allow bitcoin custody for institutional clients
Queen Piece called the accusations an unfortunate distraction.
CFTC Commissioner Caroline de Femme told the SEC’s claims that the SEC’s claims could have broad applications beyond this individual case.
Coinbase has filed a petition asking the Securities and Exchange Commission to propose clear rules for cryptocurrency trading.
Earlier, the head of the SEC once again stated that most cryptocurrencies are unregistered securities.
Coinbase Insider Trading Case is the first insider trading case for cryptocurrency securities.
It should be noted that “Coinbase” is not the subject of the investigation.
Rather, a Coinbase employee, Ishaan Wahi, was accused of insider trading by federal prosecutors with two other men (his brother Nikhil Wahi and his Indian-American friend Sameer Ramani).
A former product manager at Coinbase has been accused of leaking inside information to the two men.
By knowing when the upcoming listing announcements for new cryptocurrencies are coming, they were able to buy cryptocurrencies in advance and reap huge profits after the listing process.
All the cryptocurrencies mentioned above have been linked to the insider trading plot of the trio.
Read:This digital currency has outperformed Bitcoin in investment returns since the beginning of 2019
The Wahi brothers were arrested in Seattle earlier Thursday.
Read also:
Crypto company “KuCoin” raises funds from the company investing in TikTok to discuss global expansion and infrastructure upgrade
Raid on 7 cryptocurrency exchanges in South Korea to investigate Terra
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