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SEC Launches Inquiry Into Insider Trading at Crypto Exchanges: Report
The agency has sent a letter to at least one major crypto exchange asking about its safeguards, according to Fox Business.
By Nelson Wang
Updated May 11, 2023, 6:32 p.m. Published Jun 14, 2022, 9:16 p.m.
The U.S. Securities and Exchange Commission (SEC) has begun an investigation into whether crypto exchanges have sufficient protections against insider trading, according to Fox Business, which cited a source with direct knowledge of the inquiry.
- The source said the SEC had sent a letter to a major crypto exchange asking about the kinds of protections it has in place against insider trading. The inquiry is meant to cover additional exchanges as well, according to the source.
- The letter was sent after the collapse last month of Terra’s UST stablecoin and the associated LUNA token, according to the report.
- The SEC did not immediately respond to a request for comment on the Fox News report.
- The SEC is also reportedly looking into whether Terraform Labs, the company behind UST and LUNA, violated U.S. laws in its marketing of the cryptocurrencies.
Read more: SEC Chair Gensler Suggests Lummis-Gillibrand Bill May ‘Undermine’ Market Protections
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