SEC Chair Gary Gensler spoke about cryptocurrency lending and exchange platforms in his recent Office Hours video. He proposed exploring whether exchanges should have custody of private keys and segregating the market-making and exchange activities in a similar way to stock markets.
It’s well known that there’s an ongoing turf war between U.S. regulators, the SEC, and CFTC about which regulator will be responsible for oversight of cryptocurrency markets. The recent lawsuit against an ex-Coinbase executive for insider trading brought that issue to the fore, with the SEC asserting that the cryptocurrencies involved in the insider trading case are all securities.
Bloomberg subsequently reported that Coinbase is under investigation for allowing Americans to trade digital assets that should have been registered as securities.
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