Coinbase ‘On Track’ to Receive SEC Registration, List Blockchain Securities

coinbase
sec
finra
asiffhirji
keystonecapital

#1


via ccn

Cryptocurrency industry giant Coinbase on Wednesday announced that it is “on track” to register with the US Securities and Exchange Commission (SEC) as a broker-dealer, a move which would allow it to list cryptoassets that the agency deems to be securities.

In a statement attributed to Coinbase President and COO Asiff Hirji, Coinbase revealed that it has acquired a broker-dealer license, an alternative trading system (ATS), and a registered investment advisor (RIA) license, and — pending regulatory approval — will begin operating as a broker-dealer under the oversight of the SEC and Financial Industry Regulatory Authority (FINRA).

SEC Chairman Jay Clayton has said that cryptocurrencies designed to replace sovereign fiat currencies — bitcoin, for instance — are not subject to securities laws, but there has been debate about whether other cryptocurrencies, such as those initially distributed through crowdsales, should be classified differently. Moreover, the agency has said that nearly every initial coin offering (ICO) token that it has encountered is a security under federal guidelines.

In previous statements, Hirji said that the four assets listed on the Coinbase platform — bitcoin, ether, bitcoin cash, and litecoin — were the only ones the company felt comfortable supporting, given the regulatory climate in the US. Operating as a broker-dealer would greatly expand the list of assets that the company could list.

Hirji wrote:

“There are now many types of blockchain-based digital assets, from cryptocurrencies to security tokens to collectibles. In the United States, some of these assets will be subject to SEC oversight. With this in mind, securing these licenses will bring us a step closer to our goal, which is to be the most trusted way for our customers to buy, sell, and use many different types of crypto assets.”

As part of securing these licenses, Coinbase acquired three companies holding various federal licenses: Keystone Capital Corp., Venovate Marketplace, Inc., and Digital Wealth LLC. Keystone and Venovate are each registered with the SEC and FINRA as broker-dealers, while Digital Wealth has an RIA license from the SEC. Venovate also has a license to operate as an ATS.

Coinbase is not the only major cryptocurrency firm seeking federal registration in pursuit of greater regulatory compliance. As CCN reported, Circle Internet Financial — one of Coinbase’s most well-funded competitors — revealed this week that it plans to pursue SEC registration and hopes to eventually receive a banking license as well.


Coinbase news looking good for the future
#2

Hmmm good news hopefully. I think this is a step in th right direction. You thoughts?

https://www.ccn.com/breaking-coinbase-on-track-to-receive-sec-registration-list-blockchain-securities/


#3

It’s great but I’m still seeing plenty of people complain about customer service , and money being months/late late … I honestly thought they would make sure they are in good shape in that department before expanding into anything else :man_shrugging:


#4

IMO: The headline should be “Coinbase IPO on track - New York Stock Exchange begs for listing”

Guaranteed: I’ll be an investor in the IPO.


#5

People complain about everything now days and most of the time it is the customers fault. I mean you have people that complain about other people helping people. You have people that complain about one thing and when that gets fixed they complain about the fix. This is never going away as you cannot make 100% of your customers happy and most of the time the people that are happy do not speak up so the metrics around if something is good or not are always scewed in the direction of it being bad.

I have never had any issues what so ever with their customer support. Most of the complaints I have seen about coinbase in reality have nothing to do with coinbase as the issue is with the current FIAT banking system and their regulations or fight against crypto.