Ethereum News by Thebittimes.Com

Coinbase says the SEC’s definition of an investment contract isn’t in line with U.S. securities laws. The Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed crypto currencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator . In an Oct. 24 filing in a New York District Court, Coinbase chastised the SEC claiming its definition for what qualifies as a security was too wide and contested that the cryptocurrencies the exchange lists are not under the regulator’s purview. “The SEC’s authority is limited to securities transactions. Not every parting of capital with a hope of gain qualifies, and trades over Coinbase are only securities transactions if they involve ‘investment contracts.’ The transactions at issue here do not." Coinbase claimed the SEC has undertaken a “radical expansion of its own authority” and claimed jurisdiction “over essentially all investment activity” which only

Hong Kong’s central bank has urged banks to provide services to crypto firms even before they receive the license. The Hong Kong Monetary Authority (HKMA), the city’s central banking institution and regulator , has called on banks to provide their services to crypto currency firms . On April 27, HKMA issued a circular related to the access of corporate customers to banking services. In the document, the regulator has required authorized institutions, referred to as AI, to adopt a risk-based approach in Anti-Money Laundering efforts. HKMA also urged the institutions in Hong Kong to pay attention to market developments and take a forward-looking approach to new sectors like the crypto market. Hong Kong’s central bank has specifically required the institutions to help virtual asset service providers (VASPs) in getting banking services, stating: “AIs should endeavor to support VASPs licensed and regulated by the Securities and Futures Commission on their legitimate need for bank accounts