Ripple (XRP) The United States Securities and Exchange Commission (SEC), one of the parties to the ongoing lawsuit with cryptocurrency had published new rules for trading platforms. Cryptocurrency exchanges were asked to reflect the digital assets they hold for their customers on their balance sheets at fair values.
However, John Deaton, who advocated for XRP investors in the lawsuit between Ripple and the SEC, claimed that the next target for which the SEC is preparing a lawsuit is cryptocurrency exchanges.
The SEC is making shit up as it goes. The war continues. I predicted an SEC lawsuit against one or more exchanges by the end of the summer. I still believe it. https://t.co/yqA3acfPmw
— John E Deaton (@JohnEDeaton1) April 1, 2022
Is the SEC’s Next Target After XRP Cryptocurrency Exchanges?
In its document, the SEC highlighted the technological, legal and regulatory risks of holding cryptocurrencies. The document in question refers to a report dated October 2020 that disclosed amounts stolen from cryptocurrency trading platforms in 2018.
XRP attorney Deaton said that in his view, he predicts that the SEC will file at least one lawsuit against cryptocurrency exchanges before the end of this summer.
However, the SEC has been rejecting a request for regulatory guidance for cryptoassets for years. In the report of the competent authority, it was stated that it is responsible for the lack of legal and regulatory clarity for these assets.
According to the Wall Street Journal, the directives issued by the SEC may be a warning to the industry by SEC chairman Gary Gensler. Gensler talked about Coinbase in a recent statement and claimed that anyone who buys crypto money from this platform has given unsecured loans to the company.
*Not investment advice.