Binance, it’s accusing of more serious fraudulent activity, potentially more similar to some of the things that went on with FTX, taking customers money, etc. and it’s saying that these folks are not operating - so it’s very different. And in the wake of the failure of FTX, it has acted more aggressively, in this case, going after both Binance, who was a big player in the FTX saga, and then Coinbase, which is the, I think, the largest crypto exchange based in the U.S. And the SEC has been sending warning signs for a very long time that it didn’t believe crypto exchanges were following the rules. So they regulate exchanges, marketplaces, etc. KLEIN: So the Securities and Exchange Commission, or SEC, is our America’s largest regulator of capital markets. PITA: So, what can you tell us about what these lawsuits are about? Why did the SEC act against Binance and Coinbase?
Carliner chair and senior fellow with the Center on Regulation and Markets here at Brookings. 2022 saw increasing volatility in cryptocurrency markets, so with us to talk about this latest move from the SEC and what it potentially signals for the future of cryptocurrency is Aaron Klein, the Miriam K. Securities and Exchange Commission filed suit against two of the largest cryptocurrency exchanges, Binance and Coinbase. Listen to Brookings podcasts here, on Apple or Google podcasts or on Spotify, send email feedback to to audio editor Colin Cruickshank.
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