Crypto at a glance Coinbase & Circle Aim For SEC Registration
Coinbase & Circle Aim For SEC Registration The US-based crypto exchange Coinbase bought a trio of companies and acquired three licenses to stay on track to become a blockchain securities trading platform which will be registered with the U.S. Securities and Exchange Commission (SEC). Coinbase also announced this week that it is entering the Japanese crypto market.
Coinbase & Circle Aim For SEC Registration
Elsewhere, Circle Internet Financial Ltd, a crypto startup backed by banking major Goldman Sachs, plans to seek a federal banking license, Bloomberg reported citing the startup's CEO Jeremy Allaire. The crypto company also intends to register as a brokerage with the Securities and Exchange Commission.
In a statement attributed to Coinbase President and COO Asiff Hirji, Coinbase revealed that it has acquired a broker-dealer license, an alternative trading system (ATS), and a registered investment advisor (RIA) license, and — pending regulatory approval — will begin operating as a broker-dealer under the oversight of the SEC and Financial Industry Regulatory Authority (FINRA).
SEC Chairman Jay Clayton has said that cryptocurrencies designed to replace sovereign fiat currencies — bitcoin, for instance — are not subject to securities laws, but there has been debate about whether other cryptocurrencies, such as those initially distributed through crowdsales, should be classified differently. Moreover, the agency has said that nearly every initial coin offering (ICO) token that it has encountered is a security under federal guidelines.
In previous statements, Hirji said that the four assets listed on the Coinbase platform — bitcoin, ether, bitcoin cash, and litecoin — were the only ones the company felt comfortable supporting, given the regulatory climate in the US. Operating as a broker-dealer would greatly expand the list of assets that the company could list.
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