One of the most recognizable digital asset service providers still left standing from a bygone era in crypto, Coinbase was going public at the tail end of a historic run-up in digital assets prices almost across the board.
The company is accused of engaging in illegal, off-exchange transactions in these digital currencies as well as foreign currencies and precious metals without registering with the regulators.
The bill calls for a jointly established digital asset regulation working group, composed of bot the SEC and the CFTC as well as relevant business representatives, academics and investor protection organizations.
The implications of the CFTC’s finding and fine reach beyond Coinbase. In fact, it may prove disastrous for the development of a much-anticipated area of digital assets: the fabled Bitcoin ETF.
Arthur Hayes has reportedly surrendered himself to U.S. authorities in Hawaii, to face charges of failing to implement money laundering protections at BitMEX exchange.
Benjamin Reynolds, the founder of Control-Finance, is accused of misleading investors to believe he would invest their BTC, which authorities said he pocketed.
The U.S. Commodity Futures Trading Commission released an announcement confirming that Coinbase exchange had agreed to settle charges and to pay millions of dollars of penalty.
The charges, which the CFTC filed and settled on the same day, were for "reckless false, misleading or inaccurate reporting" as well as wash trading on its GDAX digital asset platform.
The U.S.’s expanding offensive on digital asset players should be a clear signal that existing regulatory structures apply to the digital asset ecosystem.
Binance is the subject of an active investigation by the Commodity Futures Trading Commission for potentially offering digital asset derivative products to U.S. citizens in contravention of U.S. regulations.
The group would be formed of representatives from both regulators, as well as a number of non-government stakeholders, including from firms that work with and research new emerging technologies.
Joe Biden is expected to choose Chris Brummer to lead the Commodity Futures Trading Commission following the resignation of incumbent Heath Tarbert.
