Post by Global News on
Hong Kong, the UAE, and Singapore are anticipated to benefit billions of dollars from the exodus of US crypto and blockchain companies as the US industry faces “Mammoth Losses”. The US government has taken six major enforcement actions that could end the US crypto industry, as listed below. US Crypto Industry faces “mammoth loss”, Crypto Industry Continues to Leave US, US Judge Backs SEC: Trading of Certain Cryptocurrencies on Secondary Markets Are Securities Transactions. Below excerpt reported by Helms. K. (2024, March 7). US Judge Backs SEC: Trading of Certain Cryptocurrencies on Secondary Markets Are Securities Transactions. Bitcoin.com 'Former SEC Official Views the Ruling as ‘a Mammoth Loss’ for Coinbase and the Cryptoverse' 'Former U.S. Securities and Exchange Commission (SEC) internet enforcement chief John Reed Stark explained on social media platform X Monday that Judge Lin “held that the trading of certain crypto assets on a secondary market, specifically trading on the Coinbase exchange, are securities transactions.” He continued:' 'According to the SEC’s original July 2022 complaint, the tokens traded on Coinbase and alleged to be securities by the SEC included: Amp, RLY, DDX, XYO, RGT, LCX, POWR, DFX and KROM.' The former SEC internet enforcement chief opined: "IMHO, Judge Lin’s decision was a mammoth loss not only for Coinbase because of its obvious ramifications but also for the cryptoverse because Judge Lin’s decision was a harbinger of the kind of future rulings that lie ahead." To read full article, click here Below excerpt reported by Shome. A. (2023, March 23). Coinbase Expects Enforcement Action amid SEC's Wells Notice. Finance Magnets 'In the notice, the Securities and Exchange Commission (SEC) notified that the Nasdaq-listed crypto exchange has been violating the US securities law for offering unregistered securities. As such, the regulator plans further actions against Coinbase that may include an injunction or a cease-and-desist letter.' To read full article, click here Other Sources Coinbase must face US securities regulator's lawsuit, judge says. Reported by Lang. H. and Godoy. J. - Reuters. Published on March 28, 2024 CFTC Charges KuCoin with Operating Illegal Digital Asset Derivatives Exchange. Published by Commodity Futures Trading Commission March 26, 2024 KuCoin and Its Founders Face Criminal Charges Over Money-Laundering Violations. Reported by Sun. M. - The Wall Street Journal. Published on March 26, 2024 SEC may be forced to declare Ethereum a security after controversial new launch. Reported by Schwartz. L. - Fortune Crypt. Published on February 7, 2024 Photo by Shubham Dhage on Unsplash Legal Disclaimer: INFYNIT is providing the content here for educational purposes only. All opinions are of the original author and not an opinion of INFYNIT or any of its affiliates. #GlobalNews #CryptoExodus #UAE #HongKong #Singapore #Crypto #Blockchain #US #SEC