SEC to Investigate All US-based Crypto Exchanges – Senator’s Office

Jay Clayton, former SEC chairman joins Fireblocks

August 7, 2022

Reading Time: 2 minutes

Staff at Senator Lummis’ office has revealed that Coinbase, Binance alongside other major cryptocurrency exchanges are in different stages of being investigated by the US Securities and Exchange Commission.

Even though some major cryptocurrency exchanges like Binance have been so flexible to comply with the US SEC regulations (having a Binance.US for instance), a recent report from Forbes has suggested that their compliances with US regulators are not enough.

However, the more crypto-friendly regulator, the Commodity Futures Trading Commission (CFTC) is likely to adopt a different approach that may not be based on enforcement and lawsuits.

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Crypto Assets Are Not Classified as Security Yet

SEC could actually be operating beyond its jurisdiction as crypto assets have not been formally classified as securities.

The SEC and its antiagency, CFTC were “hellbent on expanding the size of its crypto enforcement division using enforcement to unconstitutionally expand its jurisdiction,” according to Republican Senator Tom Emmar, who gave a statement last month.

Meanwhile, an unknown official has revealed that both agencies are on the path to resolving their differences as regards crypto jurisdiction.

“If the matter isn’t resolved internally, legislators would have to get involved, and that Congress is likely to side with the CFTC,” he said.

Under the two recently introduced bills, the CFTC has more jurisdiction over crypto assets, but the chance of those bills being passed this year is low, according to an official. The Lummis-Gillibrand bill was submitted on June 7, and the Digital Commodities Consumer Protection Act was announced this week.

According to an unnamed executive at one of the US-based cryptocurrency exchanges, the US SEC has most likely notified all crypto exchanges as part of its enforcement drive. Usually, when these steps are taken, they’re used to officially notify companies when action is about to be taken against them.

Earlier this week, Binance.US delisted the AMP token, an asset classified as a security by the SEC.

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