The digital assets market has been suffering a new downturn since last Tuesday, which prompted panic among investors.
The Securities and Exchange Commission (SEC) informed through its website that there will be sanctions against potentially unlawful online platforms that trade with digital assets. The agency stablished the parameters these platforms must comply in order to operate legally with their investment offers to users.
“Some online trading platforms may not meet the definition of an exchange under the federal securities laws, but directly or indirectly offer trading or other services related to digital assets that are securities. For example, some platforms offer digital wallet services (to hold or store digital assets) or transact in digital assets that are securities. These and other services offered by platforms may trigger other registration requirements under the federal securities laws, including broker-dealer, transfer agent, or clearing agency registration, among other things. In addition, a platform that offers digital assets that are securities may be participating in the unregistered offer and sale of securities if those securities are not registered or exempt from registration,” said the statement.
“In advancing the SEC's mission to protect investors, the SEC staff will continue to focus on platforms that offer trading of digital assets and their compliance with the federal securities laws”, added the SEC.
On the other hand, following the almost 58.000 million yens heist in cryptocurrency NEM suffered by the Coincheck exchange, the Financial Services Authority (FSA) began supervising the security protocols used by different exchanges in order to protect de financial interests of their users.
Once the inquiry was over, the FSA detected some exchanges without proper licensing, which had been sanctioned before. Those who don't comply with the necessary requirements, will be forced to shut down their operations.
These two statements caused unrest in the market that, at the moment of writing this post, hadn't been able to bounce back. From late Tuesday to Thursday evening, the loss on the capitalization was of $76,926,000,000.00 USD.
Most of the digital assets market Top-100 turned lower, causing an alarming decapitalization among its users:
Thus, once again the market was affected by government intrusions, which due to the fear they have for this new economy, moves them to take measures under the power of their laws, in an attempt to safeguard their own interests, this with the purpose of not losing the revenue from the taxes of the profits generated by the cryptocurrency market.
By Omar Cortes