Sec Coin – Aaron Klein and Aaron Klein Miriam K. Carliner Chair – Economic Studies, Senior Compatian – Adriana Pita Adriana Pita Host, Current Office of Communications,
The US Securities and Exchange Commission’s lawsuit against the exchange of cryptocurrencies Binance and Coinbase follows the variability of prices and the collapse of several other crypto companies, including fraudulent charges against one of the largest cryptocurrencies, FTX. Aaron Klein explains the SEC step, the current state of regulation of the US cryptocurrency, and the main financial goal.
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PITA: Last week, the US Securities and Exchange Commission filed a lawsuit for two largest cryptocurrencies, binance and coinbase. In 2022 there was a variability in cryptocurrencies, so we talked to us from the latest step with us, and what potentially signals for the future of cryptocurrencies is Aaron Klein, Miriam K. Carliner Chairman and Senior Compatian, who has regulation and markets here. Aaron, thank you for talking to us today.
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Pita: So what can you tell us what this court is discussing? Why did Binance and Coinbase against SEC?
Klein: So the Securities and Exchange Commission, or SEC, is the largest regulator of our American capital markets. So they regulate exchanges, markets, etc. .. And SEC has been sending warning signs for a very long time that they did not believe that the crypt exchanges were followed by the rules. Due to the failure of the FTX, it acted more aggressively, in this case, after both Binance, who was a great player in FTX Saga, and then Coinbase, which I think is the largest crypto exchange based on the US and says these people are not working – so different. Binance, he blames more serious fraudulent activities, which is more like some issues that continued with FTX, money, etc. .. Coinbase, he talks about whether he is properly registered and acting properly as an exchange. At a higher level, there is a argument about what is crypto and what not? Is it safe? Is this the item? Do they act on exchanges or on -site markets? What type of structure is it? And SEC aggressively exercises its powers and says, oh, you are an exchange. You are our existing purview. We do not believe that you will perform it and we are going to you.
Pita: This is the question – is this security or the goods – I ask you about the regulation in the US at one point, but this is a question that is not just in the US, but internationally? And how did other countries come to this question?
Klein: So this is not an important issue in other countries. America is unique in that we otherwise regulate securities and goods. That is, if you trade Apple’s stock price, it is very different than the corn or gold price trade. Why do you regulate goods differently from securities? Long History. This is a lot to do with tension in America between agricultural interests and bank interests, money -oriented interests. But we have two different capital market regulators, the Future Trade Commission for the Future of the CFFC and the Securities and Exchange Commission, or St. SEC is what most Americans know because most Americans who invest in items such as shares and bonds and trade with mutual help. And all this is regulated by SEC. Trade of goods for retail investors is rare. Do you know anyone who trades soy futures? It’s true. Or at least metal gold? It’s true. Some people trade in gold supplies or gold index joints, but in fact they own gold. So CFTC is a two regulatory bodies, but it has more jurisdiction in crypto with the argument that crypto is the goods, not security. So in the rest of the world it would be the same regulator, or place. Only in the US we will distinguish two. So these bets are higher.
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Pita: Good. What is the current state of regulation in the US? It seems that SEC or other organs have been slightly more gloves from the beginning. But now in the last few years, the real official guidelines have increased, the real official rules have fallen. Where are we in this picture?
Klein: Okay, behold, I mean, crypto is still not regulated, right? Does anyone really know what is crypto? All of these exchanges, whether or not customer funds or commodity funds, look at what was happening with FTX. It’s true. On the other hand, by the way, things that are quoted by non -commercial regulation. Bernie Madoff was not just ordered, he was the head of the NASDAQ, you know, at the top of the very prestigious groups of self -regulating organs and also ruled the giant Ponzi scheme. So a little suggested that if it is regulated, then you have to do things above. We have long lithany, adjustable exchanges of regulated companies.
Another thing that people need to realize is that America regulates markets, promotions, exchanges, bonds very different than we regulate items such as banks or insurance companies. All this is subject to reasonable regulation. The regulator moves to the firm and examines the unit. You know that by exchange, you are managing market regulation, market behavior. Do people get the best price, or do they get the most fair, the best performance, etc.? It is not that they go and say whether electronic trade has your shares? It’s true. This is a very different type of adjustment. We do not do what is called a reasonable regulation, as it applies to crypto. Crypto was a little nowhere, right? This is not a bit regulated by many different people. Bank regulators were trying to focus on maintaining cryptocurrencies from the banking system in general. Several banks relied on crypto, such as Silvergate and Signature Bank, have just failed. They were doing more with crypto cleaning and crypto exchanges. Other parts of the crypto world said they were not securities. The industry is accompanied by suggestions by CFTC to enhance their supervision and say they are more regulated as goods. But most of the crypto world is not regulated in the United States.
PITA: I know there are bodies such as a financial action group and several other international bodies that try to coordinate and coordinate, because the financial markets are certainly not only in the US, although it is a global financial system. What kind of coordination or opinions on these issues do you see in this international field outside the US?
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Klein: Okay, look, the international field loves to sit and talk about how coordinated they are. And then, when you had a problem, it is, oh, we didn’t know it because no other person would report it, etc. .. Besides, yes, we live in the global world. However, most of the goods trade in dollars and the world dollar gives the United States an important and unique position as a global regulator, as the only place where you get the dollar is the United States or the Europeans. The point is that the United States has a unique role here. Some of these companies, as well as Binance, had individual partners of the United States that they said they were carved from the rest of their organization. FTX had a different affiliate in the United States than in the Bahamas, where they were headquarters. But what we have seen and what the Sec, which is true in Binance, what we have seen was more true in FTX, it was not as separate and separated from an offshore mother from the company as it thought.
Pita: As you talked about, you know, FTX, which was the second largest cryptocurrency exchange, disassembled, they were charged with fraud. Now, this recent accusation against Binance and Coinbase; You have also mentioned the failures of several firms that were a kind of functionality as crypto banks. One of the cryptocurrencies, Terra, which was completely disassembled last year and many also saw, you know that the breakdown could be a very strong word, but a very strong devaluation in their amount. Do you think we are getting closer to the moment of straightening crypto? This is the point in which they intend to start wrestling legitimately, due to the absence of a better word, the legitimate part of the global financial system, or are we going to continue the kind of change for some time? What do you think?
Klein: So, behold, I have no idea what the crypto price will be.
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