“The crypto securities markets should not be allowed to undermine the well-earned trust the public has in the capital markets,” Gensler said. “The crypto markets should not be allowed to harm investors.”
The SEC this week brought separate actions against Binance and Coinbase, alleging they had unlawfully offered securities intermediation functions without registering them with the regulatory agency. The agency also alleged Coinbase commingled its exchange, broker-dealer and clearinghouse functions. The SEC also accused Binance of commingling investors’ assets.
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