WASHINGTON, June 8 (Reuters) - Other U.S. crypto exchanges are likely to be in the firing line after the Securities and Exchange Commission (SEC) this week sued Coinbase and Binance, two of the world's largest crypto exchanges, for allegedly breaching its rules.
Both Coinbase and Binance deny the SEC's allegations and have pledged to vigorously defend themselves in court.
The Coinbase and Binance suits this week expand that list to include some commonly traded tokens, such as Solana, Cardano and Polygon.
While big crypto companies can afford to fight the SEC, smaller companies have filed for bankruptcy following SEC enforcement actions, including crypto exchange Beaxy.
"I think if there's a real value in these crypto tokens, then compliance will build trust and the business model might change," he said.
Persons:
Coinbase, Binance, Jason Allegrante, Gary Gensler, “, Scott Freeman, Crypto, Kraken, OKCoin, Ripple's, Stuart Alderoty, Piper Sandler, Gensler, Bernstein, Katharine Wooller, Hannah Lang, John McCrank, Susan Heavey, Michelle Price, Stephen Coates
Organizations:
Securities and Exchange Commission, SEC, Cornerstone Research, Department of Justice, JST, Justice Department, Piper Sandler Global, Fintech Conference, CNBC, U.S, Executives, Thomson
Locations:
Solana, Cardano, U.S, United States, New York, Washington