{"id":10391,"date":"2023-06-13T11:37:15","date_gmt":"2023-06-13T09:37:15","guid":{"rendered":"http:\/\/costops.com\/index.php\/2023\/06\/13\/techscape-the-us-is-clamping-down-on-cryptocurrency-is-the-uk-next\/"},"modified":"2023-06-13T11:37:15","modified_gmt":"2023-06-13T09:37:15","slug":"techscape-the-us-is-clamping-down-on-cryptocurrency-is-the-uk-next","status":"publish","type":"post","link":"http:\/\/costops.com\/index.php\/2023\/06\/13\/techscape-the-us-is-clamping-down-on-cryptocurrency-is-the-uk-next\/","title":{"rendered":"TechScape: The US is clamping down on cryptocurrency \u2013 is the UK next?"},"content":{"rendered":"

Regulators have launched two big lawsuits against Binance and Coinbase, and Rishi Sunak could mine the benefits<\/p>\n

\u2022 Don\u2019t get TechScape delivered to your inbox? Sign up for the full article here<\/a><\/strong><\/p>\n

Rishi Sunak\u2019s techno-moment has come. Unfortunately for him, it might be too late.<\/p>\n

Last week, the US Securities and Exchange Commission (SEC) launched a pair of lawsuits against the country\u2019s biggest cryptocurrency exchanges, Binance and Coinbase.<\/p>\n

The SEC complaint alleges that [<\/em>CEO<\/em> <\/em>Changpeng Zhao<\/em>] directed Binance to conceal the access of high-spending US customers to Binance.com. In one piece of evidence included in the lawsuit, the Binance chief compliance officer messaged a colleague saying: \u201c<\/em>We are operating as a fking unlicensed securities exchange in the USA bro<\/em>.\u201d Elsewhere in the lawsuit, Binance\u2019s CCO is quoted as saying: \u201cWe do not want [Binance].com to be regulated ever.\u201d<\/em><\/p>\n

\u201cSince at least 2019, through the Coinbase platform, Coinbase has operated as an unregistered broker \u2026 an unregistered exchange \u2026 and an unregistered clearing agency,\u201d the SEC said in its complaint<\/a>. \u201cCoinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors.\u201d<\/em><\/p>\n

Paul Grewal, the chief legal officer and general counsel of Coinbase, said: \u201cThe SEC\u2019s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America\u2019s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance.<\/em><\/p>\n

California-based <\/em>Andreessen Horowitz<\/em> (<\/em>A16Z) said Britain was on \u201cthe right path to becoming a leader in crypto regulation\u201d. The venture capital firm\u2019s new office will open later this year and will be dedicated to investing in crypto and tech startups in the UK and Europe.<\/em><\/p>\n

Chris Dixon, the head of crypto investing at Andreessen Horowitz, wrote in a blogpost: \u201cWhile there is still work to be done, we believe that the UK is on the right path to becoming a leader in crypto regulation.<\/em><\/p>\n

As we cement the UK\u2019s place as a science and tech superpower, we must embrace new innovations like Web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy.<\/em><\/p>\n

\u201cThat success is founded on having the right regulation and guardrails in place to protect consumers and foster innovation. While there\u2019s still work to do, I\u2019m determined to unlock opportunities for this technology and turn the UK into the world\u2019s Web3 centre.<\/em><\/p>\n

Continue reading…<\/a>
\nRegulators have launched two big lawsuits against Binance and Coinbase, and Rishi Sunak could mine the benefits
\n\u2022 Don\u2019t get TechScape delivered to your inbox? Sign up for the full article here
\nRishi Sunak\u2019s techno-moment has come. Unfortunately for him, it might be too late.
\nLast week, the US Securities and Exchange Commission (SEC) launched a pair of lawsuits against the country\u2019s biggest cryptocurrency exchanges, Binance and Coinbase.
\nThe SEC complaint alleges that [CEO Changpeng Zhao] directed Binance to conceal the access of high-spending US customers to Binance.com. In one piece of evidence included in the lawsuit, the Binance chief compliance officer messaged a colleague saying: \u201cWe are operating as a fking unlicensed securities exchange in the USA bro.\u201d Elsewhere in the lawsuit, Binance\u2019s CCO is quoted as saying: \u201cWe do not want [Binance].com to be regulated ever.\u201d
\n\u201cSince at least 2019, through the Coinbase platform, Coinbase has operated as an unregistered broker \u2026 an unregistered exchange \u2026 and an unregistered clearing agency,\u201d the SEC said in its complaint. \u201cCoinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors.\u201d
\nPaul Grewal, the chief legal officer and general counsel of Coinbase, said: \u201cThe SEC\u2019s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America\u2019s economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance.
\nCalifornia-based Andreessen Horowitz (A16Z) said Britain was on \u201cthe right path to becoming a leader in crypto regulation\u201d. The venture capital firm\u2019s new office will open later this year and will be dedicated to investing in crypto and tech startups in the UK and Europe.
\nChris Dixon, the head of crypto investing at Andreessen Horowitz, wrote in a blogpost: \u201cWhile there is still work to be done, we believe that the UK is on the right path to becoming a leader in crypto regulation.
\nAs we cement the UK\u2019s place as a science and tech superpower, we must embrace new innovations like Web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy.
\n\u201cThat success is founded on having the right regulation and guardrails in place to protect consumers and foster innovation. While there\u2019s still work to do, I\u2019m determined to unlock opportunities for this technology and turn the UK into the world\u2019s Web3 centre. Continue reading…Technology | The Guardian<\/p>\n","protected":false},"excerpt":{"rendered":"

Regulators have launched two big lawsuits against Binance and Coinbase, and Rishi Sunak could mine the benefits \u2022 Don\u2019t get TechScape delivered to your inbox? Sign up for the full article here Rishi Sunak\u2019s techno-moment has come. Unfortunately for him, it might be too late. Last week, the US Securities and Exchange Commission (SEC) launched …<\/p>\n

TechScape: The US is clamping down on cryptocurrency \u2013 is the UK next?<\/span> Read More »<\/a><\/p>\n","protected":false},"author":0,"featured_media":10392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts\/10391"}],"collection":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/comments?post=10391"}],"version-history":[{"count":0,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts\/10391\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/media\/10392"}],"wp:attachment":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/media?parent=10391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/categories?post=10391"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/tags?post=10391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}