Coinbase Announces New Regulatory Approval For Listing Security Tokens

The major US cryptocurrency exchange Coinbase has apparently received a new regulatory approval to acquire several securities firms. The move could eventually see it supporting trading in tokens which are deemed as securities.

The news comes from a spokesperson who spoke to Bloomberg on behalf of the exchange, stating that both the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have approved the recently revealed acquisition deals for the regulated firms.

In June 2018, Coinbase announced its plans to purchase three companies (Keystone Capital Corp., Digital Wealth LLC, and Venovate Marketplace) as the means to become a regulated platform for trading security tokens – as well as tokenizing traditional financial assets.
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The chief operating officer and president of Coinbase, Asiff Hirji, also indicated that the exchange is seeking licenses as a broker-dealer, an alternative trading system as well as a registered investment adviser.

What’s interesting is that this move comes at the right time, according to many. A time when the US is beefing up scrutiny over cryptocurrency projects (especially ICOs) and could position the firm for a future when current legal gray areas have been regulated under new laws.

As SEC reported, it is currently investigating dozens of token projects. In a public hearing, the chairman Jay Clayton said that he believes that every ICO he has seen so far is a security.

The general manager at Coinbase, Dan Romero, previously told CoinDesk that he wants to add new digital assets requested by customers. According to him:

“When we get to a point that we know which digital currencies and assets are securities, which ones are commodities, money or currency, it would be immensely helpful.”

A couple of days ago, Coinbase also announced its plans for the potential listing of five additional cryptocurrencies on its platform, which positioned many assets in a new surge.