The US Securities and Exchange Commission’s (SEC) rigid approach is being called out by market participants, legal experts and industry insiders, all independently accusing the agency for its autocratic attitude and shortage of communication.
The largest cryptocurrency trading platform in the US, Coinbase, publicly disclosed that it has been left in the dark by the regulator about why its new product violates the compliance frame, despite months of effort to engage with the SEC.
In the meantime, the bomb that was dropped last year when the regulator filed a lawsuit against Ripple and its current and former CEOs, alleging that the company’s sale of XRP was an unregistered security offering worth more than $1.38 billion, is getting ready to explode.
