Coinbase CEO Brian Armstrong was not delighted with the news about the United States regulators looking into FTX.US along with Coinbase and Binance.US in the wake of the FTX crisis.
Armstrong said that the enforcement action against U.S.-based companies for the irregularities committed by an offshore crypto exchange that fall out of the jurisdictions of U.S. regulators makes no sense.
Armstrong’s comments came in response to Senator Elizabeth Warren’s call for “aggressive enforcement” in the wake of the FTX crisis. The Coinbase CEO blamed the Securities and Exchange Commission (SEC) for the lack of regulatory clarity in the U.S., which he believes drove out 95% of trading activity to offshore exchanges.
https://t.co/0HxlRiI6Sy bila je offshore burza koju nije regulirala SEC.
Problem je u tome što SEC nije uspio da stvori regulatornu jasnoću ovdje u SAD-u, pa su mnogi američki investitori (i 95% trgovačke aktivnosti) otišli u offshore.
Kažnjavanje američkih kompanija za ovo nema smisla.
- Brian Armstrong (@brian_armstrong) Novembar 10, 2022
Ripple CEO Brad Garlinghouse, who is currently involved in a securities lawsuit with the SEC, cited the example of Singapore. He said that companies have zero guidance on how to comply in the U.S., while in Singapore, there is a clear licensing framework and tax economy, which makes it much easier to comply.
Uporedite to sa Singapurom koji ima okvir za licenciranje, postavljenu taksonomiju tokena i još mnogo toga. Oni mogu na odgovarajući način regulirati kripto b/c oni su obavili posao da definiraju kako izgleda "dobro" i znaju da svi tokeni nisu vrijednosni papiri (uprkos onome na čemu predsjedavajući Gensler insistira) 2/2
- Brad Garlinghouse (@bgarlinghouse) Novembar 10, 2022
The collapse of the world’s third-largest crypto exchange finally attracted the attention of the U.S. regulatory bodies. According to a recent report, the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) are istražni the exchange’s U.S. subsidiary.
As per the report, the regulators are investigating whether some of FTX’s crypto lending products qualify as securities. Along with that, regulators are also looking at its ties with the parent company headquartered in The Bahamas.
Povezano: FTX i Binance-ova stalna saga: Sve što se dogodilo do sada
FTX was one of the largest crypto exchanges with millions of customers across the globe. The exchange has raised billions in multiple funding rounds up until January 2022. Even at the peak of crypto contagion in the second quarter, FTX looked unscathed and even bailed out many lending firms.
However, as of today, the Binance deal fell apart within 48 hours of the announcement. There are fresh accusations of mismanagement of users’ funds and using their own native token, FTX Token (FTT), for collateral. The liquidity crisis is so grave that SBF reportedly asked investors for 8 milijardu dolara za hitno finansiranje.
Source: https://cointelegraph.com/news/unclear-regulations-drove-95-of-trading-activity-offshore-coinbase-ceo