https://sputnikglobe.com/20230608/tales-from-the-crypto-us-regulator-moves-against-two-big-coin-exchanges-1111003292.html
Tales From the Crypto: US Regulator Moves Against Two Big Coin Exchanges
Tales From the Crypto: US Regulator Moves Against Two Big Coin Exchanges
Sputnik International
The US securities market regulator has launched civil actions against two top crypto-coin traders. Todd "Bubba" Horwitz and David Tawil said SEC chairman Gary Gensler seemed to be pursuing a vendetta against the sector.
2023-06-08T16:27+0000
2023-06-08T16:27+0000
2023-07-31T17:13+0000
crypto
crypto market
crypto-trading exchange
economy
us securities and exchange commission (sec)
binance
coinbase
china
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The boss of Wall Street's securities regulator is trying to shut down trade in cryptocurrencies to maintain the hegemony of the US dollar, two market experts say. The US Securities and Exchange Commission (SEC) launched a civil lawsuit against China-based Binance — the world's biggest crypto trading house — on Monday, followed on Tuesday by another targeting Coinbase, the only coin trader listed on the US stock exchanges.The financial watchdog accuses both companies of acting as unregistered brokers for selling financial instruments — cryptocurrency tokens — that its chairman Gary Gensler has long argued should be legally registered as securities.It also charges Binance CEO Changpeng Zhao personally with civil fraud. The company faces around a dozen securities charges for allegedly transferring billions in customers' money to a series of companies owned by the new Asian tech tycoon.Binance previously did business with FTX Trading, the Bahamian-based crypto boiler-room set up and run by Sam Bankman-Fried, the son of two major Democratic Party fundraisers. Bankman-Fried now faces prosecution for criminal fraud, conspiracy and campaign finance law violations.Coinbase chief legal officer Paul Grewal told the congressional House Agriculture Committee on Tuesday that "the solution is legislation, not litigation," and that a new bill introduced last week would make rules that were "clear in practice, not just theory."Todd "Bubba" Horwitz told Sputnik that the SEC was simply "against the crypto space in general" because it is not controlled by the US Federal Reserve.He pointed out that there was disagreement between different regulatory bodies on how to treat the crypto trade.That conflict had broken out "because the government wants to keep control of currency as they try to move into their own digital type of currency, which again, because they have the ability to devalue or to make more of it," Horwitz said. "It doesn't work, but that's why they don't want an outside currency."The market strategist said he was "a believer in crypto." David Tawil told Sputnik that the SEC was trying to paint a "narrative" for the public that the crypto market is am unregulated "Wild West" which criminals could use to launder money and make untraceable transactions — and that buyers and sellers "know this is illegal and we're doing it anyway."But, he pointed out, "These exchanges have existed for years. Coinbase has actually publicly listed its securities. The securities of Coinbase are issued pursuant to an SEC-blessed registration statement, and that entity, Coinbase, goes ahead and publishes quarterly and annual financial results that comply with the SEC."The wealth fund manager said Gensler had already had two years as head of the SEC to address any issues with cryptocurrencies that had existed for years before that.For more in-depth analysis of current affairs, tune in to our Sputnik Radio shows.
https://sputnikglobe.com/20230607/us-sec-seeks-to-freeze-binances-assets-in-whack-a-mole-game-with-crypto-exchanges-1110970782.html
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us securities and exchange commission (sec), cryptocurrency market, collapse of crypto traders ftx and celsius, prosecution of sam bankman-fried, what are cryptocurrencies? can cryptocurrencies be used for criminal purposes?
us securities and exchange commission (sec), cryptocurrency market, collapse of crypto traders ftx and celsius, prosecution of sam bankman-fried, what are cryptocurrencies? can cryptocurrencies be used for criminal purposes?
Tales From the Crypto: US Regulator Moves Against Two Big Coin Exchanges
16:27 GMT 08.06.2023 (Updated: 17:13 GMT 31.07.2023) The US securities market regulator has launched civil actions against two top crypto-coin traders. Todd "Bubba" Horwitz, chief market strategist at Bubbatradding.com, and David Tawil, co-founder of ProChain Capital, noted that SEC chairman Gary Gensler seemed to be pursuing a vendetta against the sector after failing to regulate it for years.
The boss of Wall Street's securities regulator is trying to shut down trade in cryptocurrencies to maintain the hegemony of the US dollar, two market experts say.
The US Securities and Exchange Commission (SEC) launched a civil lawsuit against China-based Binance — the world's biggest crypto trading house — on Monday, followed on Tuesday by another targeting Coinbase, the only coin trader listed on the US stock exchanges.
The financial watchdog accuses both companies of acting as unregistered brokers for selling financial instruments — cryptocurrency tokens — that its chairman Gary Gensler has long argued should be legally registered as securities.
It also charges Binance CEO Changpeng Zhao personally with civil fraud. The company faces around a dozen securities charges for allegedly transferring billions in customers' money to a series of companies owned by the new Asian tech tycoon.
Binance previously did business with
FTX Trading, the Bahamian-based crypto boiler-room set up and run by
Sam Bankman-Fried, the son of
two major Democratic Party fundraisers. Bankman-Fried now faces prosecution for criminal fraud, conspiracy and campaign finance law violations.
Coinbase chief legal officer Paul Grewal told the congressional House Agriculture Committee on Tuesday that "the solution is legislation, not litigation," and that a new bill introduced last week would make rules that were "clear in practice, not just theory."
Todd "Bubba" Horwitz told
Sputnik that the SEC was simply "against the crypto space in general" because it is not controlled by the US Federal Reserve.
"It's not something that they can manipulate and or they can devalue," he explained, classing crypto-coins as "a free market currency that can be traded 24 hours a day, seven days a week."
He pointed out that there was disagreement between different regulatory bodies on how to treat the crypto trade.
"You've got an internal battle between the regulatory bodies and the CFTC [Commodity Futures Trading Commission], which recognizes Bitcoin as what it is, versus the SEC, which doesn't," Horwitz said.
That conflict had broken out "because the government wants to keep control of currency as they try to move into their own digital type of currency, which again, because they have the ability to devalue or to make more of it," Horwitz said. "It doesn't work, but that's why they don't want an outside currency."
The market strategist said he was "a believer in crypto."
"I believe that crypto would be considered the currency of the Libertarians, because of course it's free. It is not manipulated, it is not controlled, its is fiscally responsible," Horwitz argued, and "the government has been trying to shut it down."
David Tawil told Sputnik that the SEC was trying to paint a "narrative" for the public that the crypto market is am unregulated "Wild West" which criminals could use to launder money and make untraceable transactions — and that buyers and sellers "know this is illegal and we're doing it anyway."
But, he pointed out, "These exchanges have existed for years. Coinbase has actually publicly listed its securities. The securities of Coinbase are issued pursuant to an SEC-blessed registration statement, and that entity, Coinbase, goes ahead and publishes quarterly and annual financial results that comply with the SEC."
The wealth fund manager said Gensler had already had two years as head of the SEC to address any issues with cryptocurrencies that had existed for years before that.
"So the real question is, Gary Gensler, why did you wait so long?" Tawil asked. "If it was clear as day to you that these were securities, these tokens, and so therefore they needed to be registered" along with their exchanges as securities traders, "Why didn't you see something a really, really long time ago?" so that "people would have gone into line" and "not have put their money in unregulated exchanges like FTX or
Celsius and watch their money blow up and get lost?"
For more in-depth analysis of current affairs, tune in to our Sputnik Radio shows. 
