There Are Benefits to Self-Reporting Violations and Working With Us – Regulation Bitcoin News - BitcoinEthereumNews.com
The U.S. Securities and Exchange Commission (SEC) has revealed that there are benefits for cryptocurrency companies to self-report their violations of securities laws to the regulator. While noting that there will be no amnesty, the SEC enforcement director said, “Well view their conduct more favorably if they come in — such as what the remedies will look like.”n No Amnesty for Crypto Firms Cryptocurrency companies that self-report violations of security laws to the U.S. Securities and Exchange Commission (SEC) canot expect amnesty but there are some benefits, Gurbir Grewal, the agencys enforcement director, told Reuters Monday. The director elaborated: Our message to them is not, ‘Register your product and we’ll just ignore the billions you have under management in this crypto lending product and your violations of the securities laws. SEC Chairman Gary Gensler has repeatedly urged companies in the crypto space to come in and discuss their products with the SEC to bring them under the securities laws. However, some crypto companies have voiced concerns that the rules are unclear. The Nasdaq-listed cryptocurrency exchange Coinbase, for example, brought their lending product to the SEC last year. However, the SEC threatened to sue the exchange if it proceeded with the launch. Coinbase subsequently shelved its product. The