COINBASE: the news that the market needed

On Monday, July 16, Coinbase announced that it was approved for the purchase of 3 companies related to the stock market. 24 hours later, Coinbase itself declared that “it did not receive support from the SEC nor did it need it“.

The Financial Industry Regulatory Authority approved the purchase by Coinbase of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC, a company spokesman said Monday. The acquisitions could help the company offer so-called security tokens, and also place companies under more federal supervision. Coinbase has been regulated mainly by a mosaic of state authorities.

The measure provides Coinbase licenses to operate as a stockbroker, an alternative trading system and a registered investment adviser, the San Francisco-based company said in June. Alternative trading systems operate outside of traditional public exchanges.

However, “It is not correct to say that the SEC and FINRA approved the purchase of Keystone by Coinbase because the SEC did not participate in the approval process,” Coinbase spokesperson Rachael Horwitz said in an e-mail to Bloomberg.

“The approval of the SEC is not necessary for the application of change of control,” said Horwitz.

Coinbase is not the only runner in the race. One of its competitors, Circle Internet Financial Ltd., said last month that it intends to continue the registration as a brokerage and trading venue with the SEC so that it can help investors buy and sell the tokens that are considered securities. The firm also plans to seek a federal banking license to provide more services to customers.

The reaction of the market

POSITIVE: during Tuesday, the vast majority of cryptocurrencies remained on the rise, with strong increases in some cases.

After almost 6 months of decreases and bewilderment in the market, the news of Coinbase has served as an excuse to boost the value of cryptocurrencies.

Coinbase no es el único corredor en la carrera. Uno de sus competidores, Circle Internet Financial Ltd., dijo el mes pasado que pretende continuar el registro como un corretaje y lugar de negociación con la SEC para que pueda ayudar a los inversores a comprar y vender los tokens que se consideran valores. La firma también planea buscar una licencia bancaria federal para proporcionar más servicios a los clientes.

La reacción del mercado

POSITIVA: durante el martes, la gran mayoría de criptomonedas se mantenian al alza, con fuertes subidas en algunos casos.

Despues de casi 6 meses de bajadas y desconcierto en el mercado, la noticia de Coinbase ha servido como excusa para impulsar al alza el valor de las criptomonedas.

Jose Felip

Jose Felip

The difficult thing is not to learn, the difficult thing is to know how to teach. Editor and coordinator of the free book "La era de las BLOCK punto COM" CEO of