The advice
- The long legal entanglement of Coinbase with the dry seems to be finished.
- A multitude of invoices on Capitol Hill will shape new rules.
- Bybit Hack shows that security risks are still looming for the market.
A version of this story appeared in our The advice Newsletter on February 24. Register here.
It’s over. Officially.
The first sign that the repression of the Crypto of Securities and Exchange Commission of the United States was indeed completed came on February 11 when the agency asked a court to suspend its implementing measures against Binance and Changpeng Zhao , its co-founder and former CEO.
Friday, Coinbase did his rival better when he said that the best regulator of American finance agreed – in principle – to completely abandon his case.
Major case
The day before, the SEC said that it closed its main cases of cryptography pending an examination of the sector by a new working group led by Commissioner Hester Peirce.
The agency also ended its efforts to obtain platforms which allow the trade of cryptocurrencies to register as a dealership, reported Kyle Baird.
Critics of crypto have recognized the evidence.
“Back, take the popcorn and prepare for the funeral of the dry,” wrote John Reed Stark on Thursday, the former head of the agency of the Application of the Internet and the industry.
So what is the next step? Probably nothing. For all speeches on working groups and opinions, the SEC will most likely wait for Congress to act on a multitude of Crypto bills considered.
Two invoices
Two in particular drew the attention of the founders and crypto investors as potential benchmarks, Andrew Flanagan reported.
A bill on stablescoins would establish legal definitions and rules for pointed cryptocurrencies in dollars.
And a bill on the structure of the market would expose jurisdictional responsibilities on digital assets for the SEC and the Commodity Futures Trading Commission.
The lawn battles of the two agencies have long sowed confusion for investors and asset management companies. Now, the two regulators should be led by Pro-Crypto allies.
To direct the CFTC, President Donald Trump appointed Brian Quintenz, a former commissioner and former Andreessen Horowitz, the company VC de la Silicon Valley.
Paul Atkins, Washington lawyer and the SEC commissioner, should win the Senate approval to lead the agency.
Victory
All this is added to the whole victory of Coinbase and the rest of the cryptography industry. If the SEC had won its file, Coinbase would have been forced to bring back each cryptocurrency which had not been verified and recorded by the agency.
Now CEO Brian Armstrong no longer has to worry about this monumental risk. However, the crypto is loaded with other perils.
On Friday, pirates executed what is supposed to be the largest robbery of crypto ever in looting more than $ 1.5 billion in Bybit, Aleks Gilbert, based in Dubai reported.
While speculations have stolen that the North Korean pirates were behind the flight and fears mounted on the vulnerability of crypto, Coinbase actions exceeded a wider market sale with a diving of 8%.
Edward Robinson is the history publisher for DL News. Contact the author to ed@dlnews.com.
