Crypto Firms’ Response to Unjustified US Regulatory Actions

US regulatory authorities have circled the crypto industry by tightening its rules and regulations for the crypto regulations. Prometheum, the purpose-built platform to fill the gaps between traditional financial systems and cryptocurrency haven’t dealt well with SEC when it comes to Coinbase and Binance.

US regulatory authorities, lawmakers and the SEC (Security and Exchange Commission) have filed a row of cases against many crypto exchanges for violating the laws. Many significant crypto firms like Ripple, Coinbase and Binance are in a battle with the US regulatory authorities but on different unjustified levels.

The serving chairperson of the SEC is being criticized by various crypto giants for his unjustified approach to crypto firms and offerings. Although some of the cases winded up in the courts and proved to be securities according to the state law.  But the same is not true with all other crypto firms which couldn’t get the same treatment.

SEC Against Different Crypto Firms

In December 2020, the US SEC sued Ripple for selling unregistered securities and was forced to face the law.  But till now just given a partial favorable summary that the token is mainly not a security. On the other hand, Coinbase was supposed to cope with the SEC beforehand case filed in July is getting regular responses. Regulators claimed that the exchange came into the region and regulated the operations without proper feedback and success.

Prometheum’s Role in Ongoing Cases and Crypto Firms’ Response to That

Aaron Kaplan, the founder and Co-CEO (Chief Executive Officer) of Prometheum shared his views on the ongoing frictions between US SEC and the crypto firms. Kaplan highlighted the duties of Prometheum and its JDs to bridge the crypto industry with federal laws and regulations. Kaplan’s claims were unfavorable for the few crypto exchanges i.e., Ripple, Coinbase and Binance He said that these exchanges entered the US with intentions to change the existing laws.

Also Read: Ripple Attorney Says SEC’s New Filing Is a Hypocritical Pivot

Crypto firms have shown their response by calling Prometheum has become the sweetheart of the SEC for complying with the SEC’s claims. Prometheum couldn’t be honest and justified in its objectives to support and bridge the crypto industry with the traditional financial system.