The US Securities and Exchange Commission (SEC) has begun to study the activities of each cryptocurrency exchange registered in the country. This was reported to Forbes by an assistant to Senator Cynthia Lummis.
According to him, the regulator’s investigation into Coinbase is just the tip of the iceberg. For other bitcoin exchanges, the process is at various stages. According to CoinGecko, there are 40 platforms registered in the US.
An unnamed senior official at one of the companies confirmed that the department would file a lawsuit against some. He also did not rule out that bitcoin forks like Litecoin could get the status of a security.
The SEC did not respond to a request from journalists.
The aide to the senator emphasized that Gary Gensler’s office urgently wants to end its dispute with the CFTC regarding the mandate to oversee crypto companies. If the agencies do not resolve this issue on their own, Congress may intervene in the process, which favors the approach of Rostin Benam’s agency, he added.
During the conversation, team member Lummis clarified that this dialogue was not fruitful.
The situation was exacerbated by the SEC lawsuit against the ex-employee of Coinbase and his accomplices due to insider trading. The agency classified 9 of the 25 cryptocurrencies that the defendants used in their transactions as securities.
Later, Gary Gensler announced the development of ways to register digital assets as investment contracts and the intensification of efforts to register cryptocurrency platforms. In May, an official warned of possible prosecution of unregistered bitcoin exchanges .
The CFTC criticized the SEC lawsuit against a former Coinbase employee.
In July, a group of senators introduced the Digital Goods Consumer Protection Act. It obliges firms that offer trading in digital assets to register with the CFTC.
FTX head Sam Bankman-Fried noted that the bill complements previous initiatives by Cynthia Lummis and Kirsten Gillibrand , as well as Ro Hannah . He was also supported by Benam.
The Forbes interlocutor estimated the probability of approval of each of the bills before the end of the year at less than 50%.