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Bitcoin Dives After SEC Says Crypto Platforms Must Be Registered (bloomberg.com)

Posted by msmash on from the tough-luck dept.

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.

11 of 81 comments (clear)

  1. Tank them all by meta-monkey · · Score: 5, Interesting

    Please please please let this tank all the cryptocurrencies so I can finally buy a new GPU for less than $200 over MSRP!

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    1. Re:Tank them all by sexconker · · Score: 2

      Please please please let this tank all the cryptocurrencies so I can finally buy a new GPU for less than $200 over MSRP!

      It's too late in the game for that. Even if Ethereum crashes (it's the only coin impacting GPU prices in any meaningful way), you're not going to want to buy an existing new GPU.

      The smart money will try to buy the new generation of GPUs as soon as they're announced. Good luck.
      I recommend nowinstock.net for alerts for when preorders go up. And don't hesitate to pull the trigger - you can always cancel or return unopened (or resell) if you later decide the price isn't worth it.

      Another option would be to buy used GPUs at lower prices.

      The MSRP for existing models has already been raised, and it would take a lot longer for it to be lowered in response to a crash of Ethereum, and then for retailers to actually follow suit and receive and sell new stock at the regular price. And of course, the SOP for speculators is to treat crashes as an opportunity to buy low. Miners keep mining even when it's unprofitable on the presumption that the market will rebound. Ethereum would have to crash catastrophically or crash normally and stay low for an extended period of time for things to naturally correct.

    2. Re:Tank them all by jellomizer · · Score: 2

      The problem is bitcoins are too expensive and currently too volatile to actually spend for products. The price needs to go back down to the $100.00 mark. And stay consistent with its growth more or less in tune with inflation. So people are not going crazy to mine for it, and are not hording their coins, but spending and trading them for goods and services, like they were intended for.

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  2. "Dives" by sexconker · · Score: 5, Insightful

    Anyone who knows anything about Bitcoin will tell you that such movement isn't even a fart in the wind.

    https://www.coinbase.com/chart...

    $9760.00
    +0.05% Past hour
    9.08% Since yesterday
    6.12% Since last week
    +40.08% Since last month
    +695.05% Since last year

    1. Re:"Dives" by LynnwoodRooster · · Score: 2

      Looks like - other than the value - it has the same volatility of most penny stocks, where a whisper can whipsaw the price tens of percent in a matter of minutes.

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  3. what shocking news...in 2011 by slashmydots · · Score: 3, Interesting

    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.

  4. Not a government controlled currency... by bobbied · · Score: 2

    But subject to government regulations none the less....

    Image that... LOL

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  5. Another nonsense FUD headline by Mike · · Score: 2

    The vast majority of ICOs are scams. Whether or not they're "regulated" by the state is immaterial to bitcoin. Bitcoin has nothing to do with ICOs, and vice versa.

    I understand it's a new and confusing concept to understand, but the new way forward is decentralized governance, and the sooner everyone understands it the sooner we can dispense with this sort of poppycock. The government cannot touch bitcoin. They can buy it and survive, or resist it and die. There's no two ways about it.

  6. Re:Gold and Silver by toastjam · · Score: 2

    Bad analogy, you don't have to register your bitcoin either. The exchanges just have to register. So it's the same as if you were buying GLD through Fidelity or whatever.

  7. Binance users got hacked by jetkust · · Score: 2

    Somehow a hacker bought a bunch of viacoins and pumped the price of it by automating sell orders on people's accounts and buy orders to viacoin. Binance haullted withdrawals because of it.

  8. Re:Meta Currencies? by crtreece · · Score: 2
    Why would anyone trade their bitcoins (which have some value) for your catcoins (which have no value)?

    Anyone can fork bitcoin and create a new cryptocurrency. They could do it 10 times a day. That doesn't mean the coins they created have any value, or that anyone else wants to acquire those coins.

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