TL; DR Breakdown SEC charged three media companies with illegal digital assets and stock offerings.Many pointed out that the SEC’s current approach lacks clarity. A storm is brewing between the cryptocurrency sector and the regulators charged with overseeing the booming cryptocurrency sector, where the risks of investing continue to multiply. On Tuesday, Gary Gensler, the newly appointed Securities and Exchange Commission Chairman, did little to clarify cryptocurrency-related controversies, including the battle with Coinbase, the premier crypto trading platform planning to launch a crypto lending product Coinbase Lend, later this year. However, Gensler pointed out that the cryptocurrency sector is “rife with fraud, scams, and abuse in certain applications. We can do better.” According to Gensler, the SEC is set up to promote investor protection, facilitate capital formation, and anything else. This procedure has been illustrated in recent months as the SEC has aggressively pursued alleged bad actors in the crypto world. Recently, the SEC charged three media companies with illegal digital assets and stock offerings. At the start of September, the crypto lending platform, BitConnect, and its top executive were charged $2 billion for fraud. In the previous month, a crypto exchange, Poloniex, was charged $10 million by the SEC for operating an unregistered business that sold digital securities. Coinbase and the SEC As Brian Arm...
