{"id":21498,"date":"2023-06-12T09:46:25","date_gmt":"2023-06-12T13:46:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/whats-ahead-for-bitcoin-and-coinbase-as-the-sec-chases-the-industry\/"},"modified":"2023-06-12T09:46:26","modified_gmt":"2023-06-12T13:46:26","slug":"whats-ahead-for-bitcoin-and-coinbase-as-the-sec-chases-the-industry","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21498","title":{"rendered":"What’s Ahead for Bitcoin and Coinbase as the SEC Chases the Industry"},"content":{"rendered":"

Doomsayers have called the death of cryptocurrency many times since Bitcoin launched 14 years ago. This week provided another opportunity after the Securities and Exchange Commission accused two leading exchanges of violating a slew of U.S. laws.<\/p>\n

The crackdown against Binance and
\n Coinbase Global
\n (ticker: COIN) darkens long-term prospects for crypto exchanges. More broadly, the cases raise critical questions about whether tokens aside from
\n Bitcoin
\n should be regulated as securities, and whether any crypto platforms should be allowed to operate in the U.S. without radical overhauls. If the SEC ultimately prevails in court\u2014which could take years\u2014the industry would face much stricter oversight, forced to play by the same rules as the New York Stock Exchange, brokerages like
\n Morgan Stanley
\n (MS), and the thousands of companies that trade publicly.<\/p>\n

\n

The crypto industry, with its libertarian ethos, has long claimed it should be treated differently; Coinbase has even sued the SEC to try to push it to establish crypto-specific rules. The SEC may now press courts to decide the issue with its cases against Coinbase and Binance, though other cases, including one involving the company Ripple, could provide some clarity in the near-term. <\/p>\n

For now, the market seems to be betting that crypto will adapt and move forth. The price of Bitcoin has stabilized, along with other tokens and crypto stocks. The SEC\u2019s moves weren\u2019t a surprise\u2014partly because the agency had warned Coinbase back in March that it would be sued. After a year-long bear market, selling pressure appears to have dissipated. \u201cThere just aren\u2019t that many sellers left, especially after the wipeouts that occurred in 2022,\u201d says Bob Ras, co-founder of trading platform Sologenic.<\/p>\n

Other signs of crypto resilience include relatively small withdrawals from Binance, the world\u2019s largest crypto exchange with more than $59 billion of tokens on its platform. Traders appeared to yank more than $1 billion from Binance in recent days, far less than the exchange lost after the FTX crisis last November.<\/p>\n

Binance, in a blog post, said \u201cwe intend to defend our platform vigorously.\u201d It said it had \u201cactively cooperated with the SEC\u2019s investigations and have worked hard to answer their questions and address their concerns.\u201d<\/p>\n

Coinbase has fans on Wall Street. While traders are betting heavily against it, with 22% of its shares outstanding sold short, it has stabilized in the low $50s. Cathie Wood\u2019s ARK Investment Management, among Coinbase\u2019s biggest investors, bought the dip.<\/p>\n

\u201cFor investors who can stomach the uncertainty in Coinbase\u2019s business, we view the pullback\u2026as an attractive entry point,\u201d said MoffettNathanson analyst Lisa Ellis in a note. In a worst-case scenario, Coinbase would have to delist most non-Bitcoin and Ether tokens and end its fast-growing \u201cstaking\u201d service, costing the brokerage 25% to 30% of revenue, she estimates. But the exchange would survive, focused on allowable tokens and other services, and expanding offshore.<\/p>\n

Still, it\u2019s hard to sugarcoat the industry\u2019s mounting legal problems. In both the Binance and Coinbase complaints, the SEC is essentially arguing that the companies\u2019 core businesses and structures are illegal under U.S. securities laws. <\/p>\n

In Coinbase\u2019s case, the violations, according to the SEC, include failures to separate the exchange from brokerage and clearing activities\u2014all standard practices under securities laws to help protect investors. The SEC also claims that Coinbase facilitates trading in legions of smaller tokens or \u201caltcoins,\u201d many of which the agency views as unregistered securities. And the SEC says Coinbase\u2019s staking business, which offers high yields on tokens, is illegal and should be regulated like any other registered investment contract or service.<\/p>\n

Coinbase has \u201ca demonstrated commitment to compliance,\u201d said Paul Grewal, general counsel of Coinbase, in a statement. The company will \u201ccontinue to operate our business as usual,\u201d he added.\u00a0\u00a0\u00a0<\/p>\n

Mizuho analyst Dan Dolev, a longtime bear on Coinbase, doesn\u2019t buy that. \u201cThey\u2019re saying that to pretend that everything\u2019s OK,\u201d he says, adding that \u201ccash flow constraints\u201d come with trying to maintain position in a competitive market while fighting an existential lawsuit from the SEC.<\/p>\n

Dolev also sees this as a crushing blow to digital assets at large. \u201cThe whole gospel of institutional adoption is getting thrown out the window because no CFO or CEO of a major bank is going to get their hands dirty with something that they know is under the gun.\u201d<\/p>\n

The SEC isn\u2019t the only one cracking down. Binance is facing a lawsuit from the Commodity Futures Trading Commission. Financial regulators in California have told Coinbase to stop offering securities in the state and nine other state authorities issued similar orders this week.<\/p>\n

\u201cThe SEC lawsuits could pose a major threat to trading,\u201d says Clara Medalie, head of research at crypto data provider Kaiko, noting that Binance entities and Coinbase have a combined trading market share of 60%.<\/p>\n

The remarkable thing about crypto, however, is that it\u2019s never hard to find hope. St\u00e9phane Ouellette, CEO of crypto advisor and capital markets platform\u00a0<\/strong>
\n FRNT Financial,<\/span>
\n points out the SEC\u2019s charges against Binance and Coinbase came as another U.S. regulator delivered a victory to the industry. The CFTC on Monday gave the green light for the crypto arm of the
\n Chicago Board Options Exchange,<\/span>
\n or Cboe, to offer futures for Bitcoin and Ether to traders with leverage, or borrowed money.<\/p>\n

\u201cThis is the playbook: they wipe out certain companies and then rebuild with businesses that they feel more comfortable with and trust,\u201d says Ouellette. \u201cThe industry has reinvented itself in almost every one of these bear market cycles,\u201d he adds. <\/p>\n

The winner in all this may be Bitcoin and perhaps Ether, the second-largest token. Ultimately, these are the digital assets that institutional investors\u00a0primarily want to trade,<\/strong>\u00a0much more than the smaller tokens, many of which the SEC calls unregistered securities.<\/p>\n

\u201cIn the long run, this doesn\u2019t really matter one way or another for Bitcoin,\u201d says Cory Klippsten, CEO of Swan Bitcoin, a crypto firm focused solely on the largest token. \u201cThere was always going to be a scam phase.\u201d<\/p>\n

Bitcoin has so far dodged the token\/security debate. SEC Chair Gary Gensler has indicated support for regulating Bitcoin as a commodity, not a security. Ether also has some regulators, notably the CFTC, saying it\u2019s a commodity. Combined, the tokens account for more than $700 billion of crypto market value, out of $1.1 trillion in total. Both are likely to continue being traded globally while the debate goes on about which other tokens qualify as securities.<\/p>\n

Clarity on the question may arrive soon in a case involving Ripple, the issuer of the XRP token that the SEC sued in 2020 for selling unregistered securities. A ruling in that case is likely due in the coming weeks or months.<\/p>\n

There are ways for crypto to coexist peacefully with regulators. The SEC and Coinbase could settle out of court, though that seems a remote possibility near term. Congress could intervene with legislation; several bills are floating around, including one that was recently introduced in the House of Representatives on digital asset market structure. <\/p>\n

\u201cWe believe that this legislation will likely provide a path for the SEC and Coinbase to settle the lawsuit,\u201d Ellis said, describing how Coinbase could agree to delist tokens that meet the standard of securities defined in the legislation.<\/p>\n

If the U.S. ultimately proves too hostile, the industry could move offshore, with some precedents for success. The stablecoin issuer Tether,\u00a0based offshore,<\/strong>\u00a0has built a highly profitable enterprise\u00a0with\u00a0an $83 billion market cap for its tokens, without issuing standard U.S. audits of its finances or business practices.<\/p>\n

While the U.S. regulates crypto through enforcement, other jurisdictions are plowing ahead with rules. The European Union was early in adopting rules covering exchanges, digital wallets, and stablecoins, though it hasn\u2019t ruled on the token\/security issue. Business hubs like Dubai, Singapore, and Hong Kong are now home to flourishing crypto ecosystems, thanks to friendlier policies.<\/p>\n

\u201cThe space got here without the U.S., it\u2019ll continue to grow without the U.S.,\u201d says Ouellette. \u201cAre people in Indonesia not going to buy the next hot altcoin because the SEC says they can\u2019t? No.\u201d<\/p>\n

But running away from the U.S. poses both practical and economic problems. On the practical side, companies that run afoul of U.S. rules could be shut out of the banking system, pushing crypto even further from mainstream investment. Avoiding the largest capital market in the world doesn\u2019t help crypto\u2019s long-term aspirations to be a mainstream asset class. <\/p>\n

\u201cThe charges against Binance and Coinbase do not make crypto uninvestible,\u201d says Kate Laurence, co-founder and general partner at Bloccelerate, a Web3-focused venture fund. But some crypto companies \u201chave already adjusted their strategies and moved their operations overseas,\u201d she adds, and the more that happens, the harder it may be for crypto to attract institutional capital. <\/p>\n

The SEC wants to send a message to crypto that there\u2019s no place to hide. It will take more time to find out if the agency will ultimately pursue crypto into extinction.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Doomsayers have called the death of cryptocurrency many times since Bitcoin launched 14 years ago. This week provided another opportunity after the Securities and Exchange Commission accused two leading exchanges of violating a slew of U.S. laws. The crackdown against Binance and Coinbase Global (ticker: COIN) darkens long-term prospects for crypto exchanges. More broadly, the […]<\/p>\n","protected":false},"author":1,"featured_media":7439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-21498","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nWhat's Ahead for Bitcoin and Coinbase as the SEC Chases the Industry | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Doomsayers have called the death of cryptocurrency many times since Bitcoin launched 14 years ago. 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