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SEC weighs path forward for crypto trading platforms
FOX Business Flash top headlines for April 4
Here are your FOX Business Flash top headlines for April 4.
WASHINGTON — The Securities and Exchange Commission is studying ways to make it more feasible for cryptocurrency trading platforms to register with the agency as exchanges, Chairman Gary Gensler said Monday.
COINBASE GLOBAL INC.
Gensler has been urging crypto-trading platforms such as Coinbase Global Inc. to submit to SEC oversight for months, saying the firms allow investors to buy and sell assets that meet the legal definition of securities. The trading platforms have refused. They dispute the assertion that they list securities and cite a variety of technical reasons why they view SEC regulation as impractical.
"These crypto platforms play roles similar to those of traditional regulated exchange," Gensler said in a speech for an event hosted by the University of Pennsylvania’s law school. "Thus, investors should be protected in the same way."
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Coinbase declined to immediately comment when reached Monday.
Though they call themselves exchanges, crypto-trading platforms differ from regulated securities exchanges in a number of ways.