All U.S. Crypto Exchanges Including Binance t…

According
to
a
staffer
from
the
office
of
United
States
Senator
Cynthia
Lummis,
every
exchange
in
the
country,
as
well
as
Binance,
is
reportedly
being
investigated
by
the
U.S.
Securities
and
Exchange
Commission
(SEC).

Crypto
Exchanges
Under
Investigation

Per
a
report
from


Forbes
quoting
an
unnamed
staffer
from
Senator
Lummis’
office,
the
SEC
is
reportedly
probing
Binance
and
every
exchange
in
the
United
States.
There
have
also
been
widely
circulated
reports
that
the
SEC
is
investigating
the
$20
billion
exchange
Coinbase.
According
to
the
source,
the
SEC
is
seeking
to
establish
itself
as
the
country’s
chief
crypto
regulator
as
it
battles
it
out
with
the
U.S
Commodity
Futures
Trading
Commission
for
oversight
and
regulation
of
the
industry
(CFTC).
Since
2014,
the
CFTC
has
maintained
authority
over
“virtual
currencies”,
but
the
SEC
has
recently
made
its
voice
known
indicating
that
it
seeks
to
control
the
industry.
The
SEC’s
chairman,
Gary
Gensler
has
said
on
multiple
occasions
that
many
tokens
might
qualify
as
unregistered
securities,
which
would
place
them
under
the
purview
of
the
SEC,
and
last
week
gave
its
strongest
hint
yet
that
it
intends
to
clamp
down
on
the
nascent
industry.

Regulators
Step
Up
Oversight

Regulations
have
up
stepped
oversight
lately
after
the

SEC
charged
a
former
Coinbase
employee
along
with
two
associates
for
insider
trading.
The
regulator
has
also
claimed
that
the
exchange
let
customers
trade

“at
least
nine”
unregistered
securities.
The
Coinbase
insider
trading
allegations
have
sent
shockwaves
across
the
industry,
and
it
has
emerged
that
the
regulator
was
probing
Coinbase.
Binance
U.S.
responded
by
delisting
one
of
the
tokens
mentioned
as
a
so-called
unregistered
security
–
AMP.
Since
the
insider
trading
filing,
SEC
chairman
Gensler
has
gone
on
record
saying
that
he
does
not
see
a
difference
between
cryptocurrency
exchanges
and
traditional
stock
trading
venues,
continuing
that
there
are
“inherent
conflicts
of
interest”
with
exchanges
that
act
as
market
makers.
The
SEC’s
wrath
continued
last
week
when
it
charged
11
people
behind
the
Forsage
website
which
it
has
called
a
“crypto
pyramid
scheme,”
and
which
cost
users
$300
million.

While
the
SEC
and
the
CFTC
battle
it
out
to
establish
who
should
have
regulatory
oversight
of
the
industry,
the

Senate
Agriculture
Committee
introduced
a
bill
this
week,
if
passed,
would
see
Bitcoin
and
Ethereum
classified
as
commodities
and
give
the
CFTC
oversight
of
the
exchanges
that
list
them
for
trading.

Disclaimer:
This
article
is
provided
for
informational
purposes
only.
It
is
not
offered
or
intended
to
be
used
as
legal,
tax,
investment,
financial,
or
other
advice.