Coinbase Received No License from US Regulators to List Securities
Leading US cryptocurrency exchange Coinbase has debunked earlier reports stating that it has received the green light from US regulators to list coins deemed as securities
According to a Bloomberg report on Monday, both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FIRA) approved Coinbase’s purchase of the companies Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC which allows the exchange to list securities.
In an email to Bloomberg on Tuesday, Coinbase spokeswoman Rachael Horwitz clarified that the SEC gave no such approval to the crypto exchange, but instead the statement followed an informal discussion with key SEC members who explained that Coinbase does not need SEC involvement for its proposed acquisitions.
“It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process,” the statement read.
Coinbase is seeking the acquisitions of these companies and discussed SEC approval thereof as part of a plan to expand its digital asset platform to list coins categorized as securities. According to an announcement on their company blog July 6, Coinbase said it’s looking to “work with regulators to tokenize existing types of securities,” which the exchange believes will “democratize access to capital markets for companies and investors alike, lowering costs for all participants and bringing additional transparency and inclusion to the ecosystem.”
The status of Coinbase’s ability to list security tokens still remains unclear, but it does appear from their statement that the acquisitions are going ahead as previously announced.