The post SEC Vs Crypto: EtherDelta & Coinbase Regulatory Rumble appeared first on Coinpedia Fintech News
Imagine this: It’s November 2018. The crypto trading platform EtherDelta, bustling with traders buying and selling digital tokens known as ERC20 tokens, is hit with a shock. The U.S. Securities and Exchange Commission (SEC) slaps EtherDelta with charges for operating without their approval.
In November 2018, the SEC closed EtherDelta. The SEC argued that the ERC20 tokens were securities from ICOs without naming any certain asset at all. Despite $25 million daily trading volume the exchange's operators were penalized with less than $400k. How can the same… pic.twitter.com/MgRaWCR6ld
— Mr. Huber🔥🦅🔥 (@Leerzeit) June 14, 2023
Why? Well, the SEC argued that these ERC20 tokens are securities and so, trading them should be regulated just like the stock market. It needs to be registered. EtherDelta, which was doing a roaring trade—$25 million every day—was penalized with a fine of less than $400k. Not a small amount, but when compared to their daily volume, it was like a speeding ticket to a Formula 1 racer.
Coinbase: The Plot Thickens
Fast forward to 2023. The SEC, not one to back down from a fight, turns its gaze to Coinbase—one of the biggest crypto
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