Popular US-based cryptocurrency exchange Coinbase Inc. has been given approval by the U.S. Securities and Exchange Commission to acquire three companies, allowing it to list securities tokens and provide a broader range of financial services.
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.
Coinbase COO Assiff Hiriji commented:
Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement, and chain-of-title.
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.
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