{"id":2281,"date":"2022-03-02T02:59:05","date_gmt":"2022-03-02T02:59:05","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2281"},"modified":"2022-03-02T02:59:05","modified_gmt":"2022-03-02T02:59:05","slug":"sec-to-crypto-companies-there-are-benefits-to-self-reporting-violations-and-working-with-us","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2281","title":{"rendered":"SEC to Crypto Companies: There Are Benefits to Self-Reporting Violations and Working With Us"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The U.S. Securities and Exchange Commission (SEC) has revealed that there are benefits for cryptocurrency companies to self-report their violations of securities laws to the regulator. While noting that there will be no amnesty, the SEC enforcement director said, \u201cWe\u2019ll view their conduct more favorably if they come in \u2014 such as what the remedies will look like.\u201d<br \/><\/strong><\/p>\n<h2>No Amnesty for Crypto Firms<\/h2>\n<p>Cryptocurrency companies that self-report violations of security laws to the U.S. Securities and Exchange Commission (SEC) cannot expect amnesty but there are some benefits, Gurbir Grewal, the agency\u2019s enforcement director, told Reuters Monday.<\/p>\n<p>The director elaborated:<\/p>\n<p>Our message to them is not, \u2018Register your product and we\u2019ll just ignore the billions you have under management in this crypto lending product and your violations of the securities laws.\u2019<\/p>\n<p>SEC Chairman Gary Gensler has repeatedly urged companies in the crypto space to come in and discuss their products with the SEC to bring them under the securities laws.<\/p>\n<p>However, some crypto companies have voiced concerns that the rules are unclear.<\/p>\n<p>The Nasdaq-listed cryptocurrency exchange Coinbase, for example, brought their lending product to the SEC last year. However, the SEC threatened to sue the exchange if it proceeded with the launch. Coinbase subsequently shelved its product. The exchange said at the time: \u201cWe don\u2019t know why \u2026 We got no explanation from the SEC.\u201d<\/p>\n<p>Earlier this month, the SEC \u201ccharged Blockfi Lending LLC with failing to register the offers and sales of its retail crypto lending product, Blockfi Interest Accounts (BIAs).\u201d The agency called it a first-of-its-kind action. Blockfi agreed to pay $100 million to settle the charges with the SEC and state regulators.<\/p>\n<p>The SEC director of enforcement added:<\/p>\n<p>Our message is that we\u2019ll view their conduct more favorably if they come in \u2014 such as what the remedies will look like, including penalties, and finding a path to complying with the securities laws. That\u2019s the benefit entities get from self-reporting violations and working with us.<\/p>\n<p>Chair Gensler has named cryptocurrency regulation a priority for the SEC. He often stressed the need to put in place \u201cbasic investor protection.\u201d He believes that many cryptocurrency exchanges are offering unregistered securities.<\/p>\n<p><em><strong>Do you think the SEC should offer amnesty to crypto companies that come forward and report their own violations? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/sec-to-crypto-companies-benefits-to-self-reporting-violations\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has revealed that there are benefits for cryptocurrency companies to self-report their violations of securities laws to the regulator. While noting that there will be no amnesty, the SEC enforcement director said, \u201cWe\u2019ll view their conduct more favorably if they come in \u2014 such as what the remedies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2281"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2281\/revisions"}],"predecessor-version":[{"id":2283,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2281\/revisions\/2283"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2282"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}