Bitcoin

Bitcoin Dips Below $10,000 Amidst New SEC Regulations

Requiring that online digital trading agencies must register with the Securities and Exchange Commission, Bitcoin dipped below $10,000. The cryptocurrency, now valued at $9,684, was last below this marked in late February, making it the fifth time it has fallen below this mark in 2018.

The SEC stated,

“If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”

“The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not. Many platforms refer to themselves as “exchanges,” which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.”

This announcement comes after the SEC sent subpoenas to Initial Coin Offerings (ICOs) who were potentially “raising money for businesses that don’t even exist,” as well as violating other security laws.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s