Meeting Gensler's demands - how one crypto exchange took the 'long complicated route' to register wi

[ETJ]

Meeting Gensler's demands - how one crypto exchange took the 'long complicated route' to register with the SEC
Joanna Wright - DL News
Three-and-a-half years. Countless meetings. Legal fees. Filings. More meetings. And a fortuitous acquisition. That's what it took for Carlos Domingo to comply with Gary Gensler's wishes. And he's still not done. Domingo, the CEO of transfer agent and broker-dealer Securitize Inc., is one of the few crypto executives to register his company with the US Securities and Exchange Commission and hew to the demand that has driven the most intense regulatory crackdown in the crypto industry's history.
/jlne.ws/46Ubvj4

 

[johnarb]

Meeting Gensler's demands - how one crypto exchange took the 'long complicated route' to register with the SEC
Joanna Wright - DL News
Three-and-a-half years. Countless meetings. Legal fees. Filings. More meetings. And a fortuitous acquisition. That's what it took for Carlos Domingo to comply with Gary Gensler's wishes. And he's still not done. Domingo, the CEO of transfer agent and broker-dealer Securitize Inc., is one of the few crypto executives to register his company with the US Securities and Exchange Commission and hew to the demand that has driven the most intense regulatory crackdown in the crypto industry's history.
/jlne.ws/46Ubvj4

This post just about sums it up the current situation of the regulations for the US crypto assets industry in the US

Coinbase, Gemini, Kraken with their very highly paid lawyers and their lobbyists cannot get anywhere with the SEC. It is impossible to meet the requirements when they are not provided

The US attack on crypto assets are multi-faceted, but probably the most venomous one is the banking system... there's good info on the fall of Silverbank and SBNY

Crypto companies are leaving the US and HK is ready to provide them banking services

They are killing everyone so the likes of Blackrock, GS, JPM will take over offering pseudo crypto asset products

 

[M.W.]

Who got killed? All US banks are raking in record profits and profit margins. Let HK do what HK does best, espousing bullshit that flies overnight to hook up gambling junkies.

This post just about sums it up the current situation of the regulations for the US crypto assets industry in the US

Coinbase, Gemini, Kraken with their very highly paid lawyers and their lobbyists cannot get anywhere with the SEC. It is impossible to meet the requirements when they are not provided

The US attack on crypto assets are multi-faceted, but probably the most venomous one is the banking system... there's good info on the fall of Silverbank and SBNY

Crypto companies are leaving the US and HK is ready to provide them banking services

They are killing everyone so the likes of Blackrock, GS, JPM will take over offering pseudo crypto asset products

 

[johnarb]

Who got killed? All US banks are raking in record profits and profit margins. Let HK do what HK does best, espousing bullshit that flies overnight to hook up gambling junkies.

Crypto industry got killed in the US, but will live on in the form of Blackrock-type offerings, pseudo crypto-asset derivatives and products

Not decentralized blockchain-native, i.e. local wallets and smart contract accessible

---------

Bank record losses m2m you mean from their bond holdings

I think US banks are going to have a major catastrophe within the next year, CRE and stuff.

 

[M.W.]

All major banks will survive. I would rather strap myself in if I were you because the crypto road is gonna get very rough.

Crypto industry got killed in the US, but will live on in the form of Blackrock-type offerings, pseudo crypto-asset derivatives and products

Not decentralized blockchain-native, i.e. local wallets and smart contract accessible

---------

Bank record losses m2m you mean from their bond holdings

I think US banks are going to have a major catastrophe within the next year, CRE and stuff.

 

[Baron]

"Earlier this year, the CEO of crypto exchange INX told DL News it took 953 days and 15 rounds of negotiations with the SEC to be approved."

Wow. That's just ridiculous.

 

[M.W.]

Sounds entirely reasonable given any approval may potentially open Pandora's box that can't be shut anymore. Do you really think it reasonable to approve some fly by night outfits to potentially upend the entire financial payment system for 450 million consumers? We are talking about a fiat system that has proven itself the test of time and which potentially prevented multiple major crises. I hope you don't truly believe that an unregulated and free wheeling market does a better job at managing major crises than one that is heavily regulated.

"Earlier this year, the CEO of crypto exchange INX told DL News it took 953 days and 15 rounds of negotiations with the SEC to be approved."

Wow. That's just ridiculous.

 

[traderjo]

Agree with you M.W.
Under the disguise of " Oh it is new technology that regulators need to catch up or Oh it is the Millennium things that the old farts at SEC don;t understand, Oh SEC is killing capitalism and all that BS all the "Thin or no (if at all) regulatory oversight proponents " are just trying to avoid any scrutiny.. money is money , if people's hard earned savings are regulated before any tom dick and harry proposes an IPO why should it be any different than "Asset/ a Commodity digital asset or whatever ... and on HK and others taking over from US in this space... no big deal the OTC Fx already has gone out of US because of tightening of leverage did that make US collapse? no ! it only heart those who wanted to start FX brokerages in their backyard offering 1:500 leverage! If people want to play with dodgy binary options based in Seychelles or BVI or questionable Crypto in other tin pot islands ( regulatory perspective) they will one day realize the importance of a better regulated centralized exchanges..until then let Mt Gox and FTX
Bitfinex
QuadrigaCX
Cryptopia
GENESIS GLOBAL CAPITAL
CORE SCIENTIFIC
BLOCKFI
VOYAGER DIGITAL
THREE ARROWS CAPITAL

If even regulated Futures brokers like MFGlobal and a large FX broker FXCM can go belly up what chances are there of these single person driven "Exchanges" won't go belly up !

 

[M.W.]

Can't agree more..

Agree with you M.W.
Under the disguise of " Oh it is new technology that regulators need to catch up or Oh it is the Millennium things that the old farts at SEC don;t understand, Oh SEC is killing capitalism and all that BS all the "Thin or no (if at all) regulatory oversight proponents " are just trying to avoid any scrutiny.. money is money , if people's hard earned savings are regulated before any tom dick and harry proposes an IPO why should it be any different than "Asset/ a Commodity digital asset or whatever ... and on HK and others taking over from US in this space... no big deal the OTC Fx already has gone out of US because of tightening of leverage did that make US collapse? no ! it only heart those who wanted to start FX brokerages in their backyard offering 1:500 leverage! If people want to play with dodgy binary options based in Seychelles or BVI or questionable Crypto in other tin pot islands ( regulatory perspective) they will one day realize the importance of a better regulated centralized exchanges..until then let Mt Gox and FTX
Bitfinex
QuadrigaCX
Cryptopia
GENESIS GLOBAL CAPITAL
CORE SCIENTIFIC
BLOCKFI
VOYAGER DIGITAL
THREE ARROWS CAPITAL

If even regulated Futures brokers like MFGlobal and a large FX broker FXCM can go belly up what chances are there of these single person driven "Exchanges" won't go belly up !