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Bitcoin Dives After SEC Says Crypto Platforms Must Be Registered (bloomberg.com)
Bitcoin slumped after the U.S. Securities and Exchange Commission reiterated that many online trading platforms for digital assets should register with the agency as exchanges. From a report: The largest cryptocurrency dropped as much as 8.6 percent to $9,864 after the SEC statement boosted concern that tightening regulation may limit trading. [...] "If a platform offers trading of digital assets that are securities and operates as an 'exchange,' as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration," the SEC said in the statement Wednesday.
Some of the largest cryptocurrency trading platforms, like Coinbase's GDAX, aren't registered as a national exchange with the SEC, and instead have money transmission licenses with separate states. In the case of Gemini, it's regulated by the New York State Department of Financial Services as a trust company, according to its website.
Some of the largest cryptocurrency trading platforms, like Coinbase's GDAX, aren't registered as a national exchange with the SEC, and instead have money transmission licenses with separate states. In the case of Gemini, it's regulated by the New York State Department of Financial Services as a trust company, according to its website.
Please please please let this tank all the cryptocurrencies so I can finally buy a new GPU for less than $200 over MSRP!
We don't have a state-run media we have a media-run state.
Tradehill was shut down after it reached the volume of trade that required it to register as an exchange or whatever. This happened around 2011. This is not news to ANYONE. Once again, clueless people who don't do their research are overreacting. This is why we didn't want Wall Street traders with very high opinions of themselves entering the bitcoin world.