The SEC confirmed its readiness to prosecute ...

SEC confirms readiness to pursue crypto exchanges with US clients

  • The BitMEX Incident Gave A Clear Signal To All Cryptocurrency Exchanges With US Clients

  • Some decisions of the regulator are too harsh, admits the commissioner of the SEC

  • US regulatory field leaves much to be desired for cryptocurrency market development

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The American regulator has confirmed its intention to monitor every cryptocurrency exchange, where customers are US citizens

The SEC confirmed its readiness to prosecute ...

The high-profile incident around BitMEX is a clear signal from American regulators to all cryptocurrency exchanges. Commissioner of the US Securities and Exchange Commission (SEC) Hester Pierce said this in an interview with the Unchained Podcast YouTube channel. According to Pearce, the incident made so much noise as the regulator wanted to clearly communicate its position on money laundering and KYC compliance:

“This [allegation against BitMEX] gives a clear message to the cryptocurrency world that when the service has US users, regulation is applied in accordance with US law.”.

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Pursuit of innovation

However, Pearce considers some of the actions of American regulators to be excessively cruel. For example, the US Commissioner commented on the recent decision of the SEC to fine Unikn, an esports bookmaker, by $ 6.1 million due to the lack of registration of the ICO token UnikoinGold (UKG).

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The SEC confirmed its readiness to prosecute ...

Pearce emphasized that the SEC sanctions against Unikrn were disproportionate given that the project just did not properly register:

“Given the fact that the charges were only about lack of registration, not fraud, the restrictions looked too harsh … I would not do that. Thus, we made it clear that we do not welcome any innovations here “.

“Hostile attitude”

Chris Larsen, CEO of Ripple Labs, previously spoke about the excessive punitive measures of American regulators. The head of Ripple said that the company is increasingly disenchanted with the American jurisdiction due to the “hostility” towards the cryptocurrency industry from the US authorities, and in particular the SEC. According to Larsen, in almost all other countries, the regulatory climate for cryptocurrencies is much more favorable than in the United States..

American legislation has long been known in the cryptocurrency market for its adherence to principles. Telegram at one time had to abandon the issuance of the GRAM cryptocurrency after a protracted confrontation with the SEC over the ICO, during which the famous messenger raised $ 1.7 billion.

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