INSUBCONTINENT EXCLUSIVE:
Well, after Coinbase confirmed to Bloomberg (and us) that they had received regulatory approval for some acquisitions that would let it
eventually usher in trading tokenized securities on its exchange, the company is now walking back from which agencies it received
approval.
While a Coinbase spokesperson had initially indicated that the company had received approval from both FINRA and the SEC, it is
now saying that the SEC did not offer approval, but only because Coinbase did not need their approval for a change of control application in
the first place.
Coinbase gets approval from U.S
regulators to start listing tokenized securities
&The SEC approval is not required for the change of control application
Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with
several members of SEC staff,& the spokesperson told TechCrunch
&So it&snot correct to say that the SEC and FINRA approved Coinbase purchase of Keystone because SEC was not involved in the approval
Approval was received from FINRA.&
It all a bit confusing, though it doesn&t appear to change much as they still seem to have the needed
approval from FINRA, but it is certainly an error in communication
The cryptocurrency industry and the SEC have not always had the most pleasant of interactions, so the news made it sound like both
regulatory agencies were on a united front on this when the SEC didn&t offer any official input — so there really aren&t any takeaways,
