{"id":69570,"date":"2018-07-20T03:00:28","date_gmt":"2018-07-20T10:00:28","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=69570"},"modified":"2019-11-07T05:59:14","modified_gmt":"2019-11-07T05:59:14","slug":"coinbase-never-needed-sec-approval-to-list-security-tokens","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/coinbase-never-needed-sec-approval-to-list-security-tokens\/","title":{"rendered":"Coinbase: Never Needed SEC Approval to List Security Tokens"},"content":{"rendered":"

San Francisco-based Coinbase backpedaled on its Security and Exchange Commision (SEC<\/a>) approval announcement after previously exciting a furor in cryptocurrency circles for claiming the contrary.<\/p>\n

Coinbase Backpedals Statements<\/h2>\n

On July 17, 2018, CryptoSlate<\/i> reported<\/a> that cryptocurrency exchange behemoth Coinbase received approvals from the SEC and Financial Industry Regulatory Authority (FINRA) to acquire Keystone Capital Corp., Digital Wealth LLC, and Venovate Marketplace Inc, three firms which help the digital asset player secure an alternative trading system (ATS) license, broker-dealer license and registered investment advisor (RIA) license respectively.<\/p>\n

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Related:\u00a0Coinbase Gains Approval to List Security Tokens<\/a><\/figcaption><\/figure>\n

However, Coinbase backtracked its statements after only a couple of days.<\/p>\n

As reported<\/a> by The Next Web<\/i> on July 19, 2018, Coinbase spokesperson Rachel Horowitz clarified no such approval was received – as an SEC approval was not needed in the first place.<\/p>\n

Horowitz noted the company\u2019s discussions with Keystone entity was conducted with SEC staff on an \u201cinformal basis,\u201d with no direct involvement of the regulatory watchdog in the acquisition deal.<\/p>\n

However, as TechCrunch<\/i> reports<\/a>, Coinbase confirmed it received approval from FINRA<\/a>, rendering the previous announcement as a distinct lack of communication, or confusion, from the cryptocurrency giant\u2019s end.<\/p>\n

The SEC-Crypto Saga<\/h2>\n

The relationship between SEC and cryptocurrency firms has historically been unpleasant, with authority cracking down on several cryptocurrency businesses in the past, including exchange and wallet services.<\/p>\n

July 2018 has evidently been an active month for Coinbase, with a range of announcements and developments stirring up the cryptocurrency community.<\/p>\n

The company valued itself at $8 billion in April 2018, as reported<\/a> by Recode<\/i> after Coinbase acquired co-working platform Earn.com.<\/p>\n

On July 13, 2018, the exchange teased investors with a tweet listing the potential addition of Cardano<\/a>, Basic Attention Token<\/a>, Stellar Lumens<\/a>, Zcash<\/a> and 0x<\/a> to its limited list of cryptocurrencies.<\/p>\n

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Today we are announcing that we\u2019re exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). https:\/\/t.co\/qoECyR0V1f<\/a><\/p>\n

— Coinbase (@coinbase) July 13, 2018<\/a><\/p><\/blockquote>\n