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According to staff in Senator Cynthia Lummis’ office, Uncle Sam’s sprawling cryptocurrency regulatory network will not be able to escape.

The U.S. Securities and Exchange Commission is investigating Coinbase, the largest U.S. exchange, and has also set its sights on global giant Binance, according to Lummis office staff.

Both Coinbase and Binance have worked hard to appease regulators, with the latter running a separate unit (Binance.US) with limited services for U.S. customers.

Clearly, that’s still not enough for the SEC, and the more crypto-friendly regulator, the Commodity Futures Trading Commission (CFTC), is more likely to take an approach that isn’t based on enforcement and litigation.

Each U.S. cryptocurrency exchange is at a different stage of its investigation, SEC staff said. Forbes August 4 report.

Cryptocurrencies are not securities…but

Still, cryptoassets are not officially classified as securities, so the SEC is technically operating outside its jurisdiction.

This was mentioned by Republican Senator Tom Emmer, who said last month that the agency and its anti-crypto chair, Gary Gensler, “are bent on expanding the size of their crypto-enforcement unit through enforcement to unconstitutionally expand their jurisdiction.”

However, according to the unnamed official, there is a silver lining as the SEC is eager to resolve its dispute with the CFTC over crypto jurisdiction.

“If the matter cannot be resolved internally, lawmakers will have to step in, and Congress will likely be on the side of the CFTC,” he said.

Two bills were recently introduced to give the CFTC more jurisdiction over cryptocurrencies, however, the official said there is less than a 50 percent chance of passing this year. The Lummis-Gillibrand Act was introduced on June 7, and this week the Consumer Protection of Digital Goods Act was published.

SEC War Road

Many U.S. exchanges may have received Wells notices from the SEC as part of their enforcement actions, according to a cryptocurrency exchange executive. These are used to formally notify the company when action will be taken against them. The executive, who spoke on condition of anonymity, also said the situations are separate from standard SEC procedures.

Binance.US has delisted an asset deemed a security by the SEC when it dropped the AMP token this week.

The battle for U.S. regulatory control over cryptocurrencies is still raging and is unlikely to end anytime soon, which will only prolong the uncertainty for companies trying to comply.


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