Top exchanges form Crypto Rating Council to tackle SEC

Crypto exchange Coinbase today announced the launch of the Crypto Rating Council, an organization created to help traders comply with U.S. federal securities laws. The founding members of the Council alongside Coinbase are Anchorage, Bittrex, Circle, DRW Cumberland, Genesis, Grayscale Investments and Kraken.

Whether tokens constitute securities under U.S. laws significantly impacts “registration, licensing, and operating obligations for financial services firms that offer crypto services like exchange, investment management, or trading,” reads the announcement.

Although the U.S. Securities and Exchange Commission (SEC) has issued guidance, crypto is still a legal minefield. Firms like Bitqyik and ICObox have been hit with multimillion-dollar fines after falling foul of the SEC. Court cases can be costly, too; Kik has fired over 80 percent of its workforce and closed its 300 million-strong messaging app to fund its $5 million legal battle against the SEC’s claim that the ICO for its Kin token was illegal. Read More...

#Coinbase #Gemini #Bittrex #Kraken #Grayscale #Circle

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