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
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
×