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Congressman Maxine Waters wrote a letter to Meta Platforms (formerly Facebook), asking for clarity on recent filings describing crypto-related projects. Meta has submitted applications to the US Patent and Trademark Office (USPTO) to develop crypto infrastructure and offer trading servicesamid a potential crypto shakeup at the US Securities and Exchange Commission (SEC).
The President’s Working Group for Financial Markets and two other government offices warned that the Diem project would place too much power in the hands of a commercial organization. Later, the CEO of Diem, Stuart Levey, said,
“It became clear from our dialogue with federal regulators that the project could not move ahead.”
SEC Gets Rebuked for Crypto Approach
In the meantime, the US Government Accountability Office (GAO) has found minimal concerns with how the US Securities and Exchange Commission (SEC) handles crypto assets. It appeared to disagree with SEC Chairman Gary Gensler’s opinion that most cryptocurrencies are securities.
Despite having a claimed staff headcount of 116, the SEC may lack crypto skills because it can’t compete with private sector salaries. The GAO recommended that the SEC’s fintech outreach group develop measurable goals aligned with its 2022-2026 roadmap.
Binance went to court on Monday in a bid to dismiss the SEC’s lawsuit against it. Much of the SEC’s argument is built on whether BINANCE offers assets that fall under the SEC’s purview. A lawyer for Binance said the SEC had yet to provide a clear path to registration despite asking companies to register.
The Binance judge has chosen to take the issue under advisement. The judge in the SEC’s case against cryptocurrency exchange COINBASE said the SEC’s argument seemed to bring all digital assets under the agency‘s purview.
“It seems like you are trying to say that all digital assets, at the end of the day, have the earmark of securities. If you are not, where is the boundary of what you are saying?”
Binance
Facebook
Coinbase
