In March, the SEC released a Statement, according to the stock exchanges, the trading of value systems, which could be defined as the value of the paper, should leave and also that stock exchanges should register with the SEC. Stock exchange rules and regulations of the SEC requires the listing as a national securities exchange. The SEC also recommended for individuals that you should use a SEC-registered platform.
The SEC, stock exchanges, regulatory
The SEC created rigorous Standards, and reviewed the trading protocols that determine how orders interact, and running. Thus, the Standards of a SEC-are met, the registered exchange must be access to the trade services platform for all users alike. However, the authority wants to help, to Benefit from the technology.
In April the former New York attorney General Eric Schneiderman exchanges that do not operate in accordance with the regulations warned. Letters were sent directly to three of the ten cryptocurrency exchanges, in order to obtain information about the following:
Currently, there are no crypto-exchanges that are registered with the SEC. The trading with Bitcoin-financial futures contracts (Futures) will take place in the United States since the end of 2017. Large companies have urged the SEC to address these issues.
Reactions of crypto-exchanges
Kraken said that the stock market probably as a Broker-dealer and later as an alternative trading system with the US Securities and Exchange Commission (SEC) to register. Registration as an ATS requires stricter records and calls for more transparency. Kraken left his former headquarters in New York in the year 2015 due to the regulations of the BitLicense.
The CEO of the exchange, Jesse Powell, spoke out against this Intrusion of the SEC.
“I don’t think it helps the company. I believe that we are doing everything right.“
He added that the SEC should make it clear that crypto-currencies as the securities should be defined and how this online legally can be traded.
Coinbase stated that it is in discussions with the SEC concerning the registration as a licensed Broker-dealer. Coinbase met recently with the Office of the Comptroller of the Currency (OCC), to discuss the possibility to obtain Bank licences. They have recently released a Software Tool Set for institutional investors.
Poloniex, now belonging to the Circle Pay, also gave to the stock exchange the process of registering with the SEC and the FINRA (Financial Industry Regulatory Authority) as Broker-dealers began. Later, the stock market wants to register as ATS.
Bittrex’s official Statement: “We look forward to continuing a proactive dialogue with the SEC and other regulators to lead to a secure and fully regulated environment for the Blockchain to develop that Innovation and economic growth, continue to Underperform.”
Established stock exchanges that deal with crypto currencies
NASDAQ is involved directly in the crypto-currency trading. The world’s second-largest stock market works with DX.Exchange and is expected to start in June 2018.
Robinhood has the beginning of this year, crypto-currencies will be added and just a fourth round of financing to get their platform to expand.