Markets with Madison: Crypto-crackdown - are assets safe amid SEC attack?

Name: Markets with Madison: SEC takes on Binance, Coinbase
Uploaded: 2023-06-09T07:34:40+12:00
Duration: 1173 s
Description: The US regulator has launched an offensive against the world’s two largest cryptocurrency exchanges, plus Apple’s yet to prove a use case for virtual reality headsets to investors.

By Madison Reidy

Senior Business Journalist, host of Markets with Madison·NZ Herald·

8 Jun, 2023 08:08 PM2 mins to read

The US regulator has launched an offensive against the world’s two largest cryptocurrency exchanges, plus Apple’s yet to prove a use case for virtual reality headsets to investors.

A leading cryptocurrency lawyer says the grounds for the US Securities and Exchange Commission’s (SEC) offensive against the world’s two largest exchanges, Binance and Coinbase, are “highly debatable”.

MinterEllisonRuddWatts partner Jeremy Muir told Markets with Madison the allegations lodged against the firms this week were, “to a degree,” an attack on the cryptocurrency industry.

“I think it’s not a very constructive way to build a way forward,” he said.

“They [the SEC] are definitely moving ahead of where the the clarity of the law stands.”

He said the longer term risk to investor’s crypto assets was unclear at this stage, especially for those using Coinbase ($COIN), which was a Nasdaq-listed American-based company.

Coinbase said it met with the SEC 30 times last year requesting legal guidance, while Binance said it would “defend its platform vigorously”.

Get all the details of the allegations and and Jeremy’s take on the SEC’s crypto-crackdown, on today’s episode of Markets with Madison above.

Plus, Milford global equity analyst Deborah Lambie reveals how many US$3500 (NZ$5765) Vision Pro headsets Apple would have to sell to make a mark on its revenue.

Get investment analysis and insights from the experts on Markets with Madison every Monday and Friday on the NZ Herald.

Disclaimer: The information provided in this programme is of a general nature, and is not intended to be personalised financial advice. We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.