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 SEC тарабынан жөнгө салынбаган оффшордук биржа болгон.
Көйгөй, SEC бул жерде АКШда ченемдик айкындуулукту түзө алган жок, ошондуктан көптөгөн америкалык инвесторлор (жана соода активдүүлүгүнүн 95%) оффшорлорго кетишкен.
Бул үчүн америкалык компанияларды жазалоонун мааниси жок.
- Брайан Армстронг (@brian_armstrong) November 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.
Лицензия алкагы бар Сингапур менен салыштырыңыз, токендер таксономиясы жана башка көп нерселер. Алар криптовалютаны тийиштүү түрдө жөнгө салышы мүмкүн, алар "жакшы" деген эмне экенин аныктоо боюнча ишти аткарышкан жана бардык токендер баалуу кагаздар эмес экенин билишет (төрага Генслердин айтканына карабастан) 2/2
- Brad Garlinghouse (@bgarlinghouse November 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 тергөө 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.
байланыштуу: FTX жана Binanceнин уланып жаткан дастаны: Ушул убакка чейин болгон нерселердин баары
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 миллиард доллар чукул каржылоо.
Source: https://cointelegraph.com/news/unclear-regulations-drove-95-of-trading-activity-offshore-coinbase-ceo