Coinbase Now Denies SEC Approval of Its Trio of Acquisitions

Coinbase Now Denies SEC Approval of Its Trio of Acquisitions
фото показано с : blokt.com

2018-7-18 16:29

Just one day after claiming that the exchange would acquire three financial entities and become a broker-dealer for coins deemed as securities, Coinbase has taken a U-turn from its previous statements. As per BloombergQuint, the company announced that it never received an endorsement from the US Securities and Exchange Commission and that it did not need such approval.

What Happened to the Previous Announcement?

In less than 24 hours, Coinbase has retracted from its statement of SEC and FINRA endorsements. It earlier claimed to have received confirmation from the two agencies to acquire three entities — Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC. The company intended to operate as a broker-dealer for digital assets that are deemed to be securities.

The move could have likely opened the platform for Ripple’s XRP and a plethora of ICO-generated coins. Moreover, it would have helped the platform, which is sporadically regulated by state entities, to become a federally licensed broker-dealer.

Retracting From Statements

Coinbase spokesperson Rachael Horwitz said in a Tuesday email:

“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.”

She added:

“The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.”

A FINRA spokesperson declined to comment on the situation, while an SEC spokesperson suggested that the agency did not give any explicit approval to the company to move ahead with the deal.

Note that Coinbase is in direct competition with Circle, which is also eyeing to operate as a brokerage house for similar coins. Partly backed by Goldman Sachs, the crypto unicorn is also looking forward to getting a federal banking license, along with a trading venue and broker-dealer license from SEC. Now that Coinbase has clarified that it does not have any endorsements from SEC, Circle could likely earn the distinction of becoming the first broker-dealer for coins deemed as securities.

Coinbase Now Denies SEC Approval of Its Trio of Acquisitions was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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coinbase exchange securities sec trio approval acquisitions

Источник: blokt.com

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