As an analyst with over two decades of experience in the financial industry, I find this development both intriguing and slightly concerning. The SEC’s ongoing crackdown on crypto firms is a double-edged sword – while it ensures compliance with securities laws, it also risks stifling innovation that has been a hallmark of the digital asset space.
As a researcher, I find myself reporting on a recent development: The Securities and Exchange Commission (SEC) has reached a settlement with the trading platform eToro. Previously, eToro was under investigation by the SEC for alleged operations as an unregistered broker and clearing agency through its cryptocurrency trading platform. This ongoing scrutiny of crypto firms by U.S. regulators is seen by many as a potential hindrance to innovation in the field.
eToro To Limit US Users To BTC, BCH & ETH
As a crypto investor, I recently learned about an agreement between the SEC and a trading platform like eToro, following allegations of providing unregistered trading services for cryptocurrencies. In a statement on September 12th, the Securities and Exchange Commission revealed that eToro would be paying a penalty of $1.5 million to settle these charges. Moreover, they will discontinue any violations of applicable federal securities laws. This move demonstrates the SEC’s commitment to ensuring compliance with regulations in the crypto market.
Gubir Grewal, Director of the SEC’s Division of Enforcement, stated that the company will carry on with its activities in the United States while adhering to the appropriate regulations. “This settlement not only strengthens investor protection but also paves a way for other cryptocurrency intermediaries…The $1.5 million penalty is a result of eToro’s consent to stop breaching federal securities laws as it operates in the U.S.
In accordance with the agreement reached, the company is set to discontinue its trading services for almost all cryptocurrencies. As stated in their announcement, only Bitcoin, Ether, and Bitcoin Cash can be traded by US customers. Nevertheless, users will have 180 days from the Commission’s order to sell any other assets they possess.
Read More
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- LBT PREDICTION. LBT cryptocurrency
- GAMMA PREDICTION. GAMMA cryptocurrency
- Best Turn-Based Dungeon-Crawlers
2024-09-12 17:21