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SEC Approval Was Never Needed to List Security Tokens – Coinbase

Yes, you read that right. Coinbase, the San Francisco based cryptocurrency giant made an announcement that it never needed the approval from the United States Securities and Exchanges Commission for listing security tokens – back pedaling from a previously made statement in which they claimed they had received the approval of the SEC for it.
The 17th of July saw reports surface that the giant of a cryptocurrency exchange had received approvals from the Securities and Exchanges Commission and the Financial Industry Regulatory Authority for acquiring Keystone Capital Corporation, Digital Wealth LLC and Venovate Marketplace Incorporated. It was after acquiring these three firms that helped Coinbase secure an Alternative Trading System license, a license for broker-dealer and the license to be known as a registered investment advisor.
Having made the announcement, the San Francisco based cryptocurrency exchange giant back pedaled on its statement just after two days. The 19th of July saw reports coming out that the spokesperson of Coinbase said no such approvals were given by the Securities and Exchanges Commission – it was never even needed for them to acquire those companies.
She went on to say that the discussions Coinbase had with Keystone were made on an informal basis without the involvement of the SEC in any form or manner. The acquisition deal did not see any oversight from the regulatory authority. At the same time, TechCrunch reported that Coinbase has confirmed it received approval from the Financial Industry Regulatory Authority for the acquisition – essentially disregarding the announcement made previously. This is a clear sign of blatant miscommunication within the cryptocurrency exchange giant.
Things between the Securities and Exchanges Commission and the cryptocurrency world have historically been “salty” with the authority having cracked down on a lot of cryptocurrency related businesses in the past from exchanges to wallet providing services.
The July of this year has been quite an active time for Coinbase. It has made a number of announcements and the developments being made by the cryptocurrency exchange giant are making quite a few waves in the cryptocurrency community at a macro level.
One of those announcements is the teasing being done by Coinbase that it might just add a few more tokens to the exchange from the likes of Stellar Lumens, Zcash, 0x, Basic Attention Token and Cardano within its list. Of course, there are regulatory concerns to be sorted out before adding them. After all, the cryptocurrency exchange follows legal protocols stringently and cautiously. It remains to be seen what comes of it.

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