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Forbes reported on August 5 that a leak showed that the SEC examines Coinbase and all U.S.-based crypto exchanges, including the world's largest exchange by volume, Binance.
The leak originated from an unidentified staff member in the office of U.S. Senator Cynthia Lummis, who said that the impacted conversations are "in different stages of inquiry."
The SEC revealed publicly on July 26 that it has initiated an inquiry into Coinbase on claims that it offered unregistered securities.
Paul Grewal, the company’s chief legal officer, said on his blog days before the announcement: “Coinbase’s platform does not list securities. Period.”
The Commodity Futures Trading Commission (CFTC) has recently shown interest in expanding its authority to include crypto markets, a move that appears to be supported by several exchanges, notably FTX, whose CEO Sam Bankman-Fried aggressively advocated for this to occur.
The Senate Agriculture Committee oversees the CFTC and filed a measure on August 3 to allow the agency “exclusive control over the spot market for digital commodities.”
The Digital Commodities Consumer Protection Act of 2022 will provide a regulatory framework for “digital commodities,” excluding tokens deemed “digital securities.”
Senator John Boozman stated that the digital asset business is now managed by “a patchwork of state rules,” which are insufficient to safeguard customers from fraud.
In a May interview with CNBC, CFTC Chair Rostin Behnam advocated classifying all cryptocurrencies as either commodities or securities. He asserted that Bitcoin and Ether are commodities that should fall within his agency’s authority.
Based on several case proceedings, most notably SEC vs. Ripple, the securities regulator has earned a poor image in the cryptocurrency business.
In an August 2021 tweet, the CEO of Ripple, Brad Garlinghouse, criticized the SEC’s regulation of digital assets, which he described as “regulation by enforcement” of impossible to meet requirements.
“The SEC’s action isn’t just about Ripple; it’s about what ‘impossible standards of fair notice and due process’ may do to crypto innovation through regulation by enforcement. “Anyone might be the next victim without notice.”
According to the staff member, the SEC is eager to “resolve its issue with the CFTC about cryptocurrency jurisdiction.” If the problem is not resolved internally, Congress will likely intervene, favoring the CFTC.
According to Forbes, several U.S. exchanges have likely already received a notice of action from the SEC.