Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Will The SEC Attack Against Crypto Industry Bring It Closer Together?

Will The SEC Attack Against Crypto Industry Bring It Closer Together?

Coinbase is the latest company along with Ripple, Uniswap to become under the SEC radar. Where is this all going?

When Coinbase CEO Brian Armstrong tweeted on Tuesday night that the SEC threatened to sue if the company ove the upcoming high-yield lending product, Ripple CEO Brad Garlinghouse was fast to respond.

Garlinghouse tweeted a meme from the movie Die Hard with Bruce Willis saying, “Welcome to the party, pal.”

Ripple has been fighting the SEC in court for over a year, and now Coinbase is seemingly becoming a part of the fight, like it or not.

Mark Cuban also had a message for Armstrong: “You have to go on the offensive.” Cuban hasn’t further elaborated how it might look like, but Armstrong is already playing offense publicly with the tone of his tweets. He accused the agency of “intimidation tactics behind closed doors” and said sarcastically:

“It’s nice if you actually enforce evenly across the industry equally.”

What happens next is a big question mark. The flagship companies of the crypto industry are clearly under attack, and they have begun to push back, demanding a fair and consistent set of rules that make it clear what is legal and what is not – and rightfully so.

Ripple’s battle with the SEC is about whether its sale of XRP tokens were unregistered securities offerings. A big question is: why did the SEC wait so long before suing? Ripple has been selling XRP for eight years. And additionally: why does the agency appear to be applying one policy to Ripple and another to Ethereum?

Coinbase, on the other hand, said that it was trying to open dialogue with the SEC to consult how to make its proposed Lend product as secure and safe for investors as possible. According to Armstrong, the agency would not talk to them.

Then there is Uniswap, decentralized exchange and one of the most transparent companies in the fast moving DeFi sector. The SEC has chosen it as a target of investigation, overlooking, as crypto lawyer Jake Chervinsky noted, other “overt frauds,” rug pulls, and pump-and-dumps in DeFi.

It’s no wonder Armstrong, Garlinghouse, and others have had enough, and concluded it might be better to roll the dice in court rather than continue to try to adhere to the SEC’s current opaque crypto policy and harsh enforcements.

Read the full article at Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
American Airlines Adds New Flights to Budapest
F1 Hungarian Grand Prix Wraps Up
WhatsApp is rolling out a feature that looks a lot like Telegram.
U.S. Trade Representative says Washington still negotiating trade deals after court rules tariffs illegal
Von der Leyen says Europe drawing up 'precise' plans to send troops to Ukraine
Kremlin accuses Europe of hindering Trump’s peace efforts in Ukraine
×