JAKARTA - Supervision of crypto markets in the United States continues to heat up, after a number of crackdowns were carried out by the US Securities and Exchange Commission (SEC) against crypto companies. Recently, New York attorneys filed a complaint against crypto exchange CoinEx regarding their compliance with regulations.
The move is part of a global effort to streamline the crypto market in terms of guidelines. However, US regulators are accused of only enforcing rules without legal clarity surrounding cryptocurrencies.
According to a Reuters report, New York Attorney General Letitia James sued CoinEx for a local law violation. Lawyers cited the exchange violation against Martin Act, a New York anti-fraud law that empowers the Attorney General to take action against cheating players. The report said the allegations were related to CoinEx not registering with the state.
CoinEx was founded in December 2017, and claims to have a transaction value of 30 days of 13.66 billion US dollars (equivalent to Rp207.6 trillion). However, they are now facing serious legal problems for violating local laws. The complaint was filed with a New York state court in Manhattan on Wednesday, February 22 regarding a violation of Martin's law.
On the other hand, on February 23, 2023, the New York supervisory agency ordered Paxos to stop making Binance USD (BUSD), calling the stablecoin unregistered securities. This adds to the long list of legal questions surrounding cryptocurrencies, which are still not fully clear.
Since the collapse of FTX in November 2022, global regulatory agencies have stepped up efforts to streamline the crypto market in terms of guidelines. However, there is still uncertainty and confusion about crypto regulation.
US regulators are accused of simply enforcing rules without legal clarity surrounding cryptocurrencies, while industry players have complained that unclear regulations are detrimental to their business. Meanwhile, lawyers and regulators continue to seek to clarify and strengthen cryptocurrencies and regulations related to the crypto market.
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