The U.S. Securities and Exchange Commission (SEC) issued guidelines for the crypto trading platforms. The advisory asked platforms to reflect digital assets they hold for users on their balance sheets at fair value. John Deaton, Lawyer for XRP holders in the Ripple Vs SEC lawsuit, predicted that now the commission will be filing cases against exchanges.
New lawsuit coming against crypto platforms?
The SEC in the advisory has highlighted the technological, legal, and regulatory risks linked to protecting crypto assets. The release cites an October 2020 report which includes the amount of digital assets stolen from crypto trading platforms in 2018. However, the commission says that these risks are not new and the staff has reviewed the financial statements of some organisations.
Meanwhile, XRP lawyer Deaton has sensed one or more upcoming lawsuits against crypto exchanges by the end by the end of the summer.
It is interesting to note that, the SEC said that they have refused many pleas o
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