Hong Kong legislator invites Coinbase despite SEC scrutiny.
The US Securities and Exchange Commission (SEC) has been investigating digital asset exchanges, expressing worries about market integrity and the protection of investors.
On June 5 and 6, it filed lawsuits against Binance and Coinbase, two of the top crypto exchanges, alleging that they had violated securities laws.
Despite the SEC’s lawsuit against Coinbase, a Hong Kong legislator has extended an invitation to the cryptocurrency exchange.
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The legislator aims to encourage conversation and understanding about the regulatory challenges faced by the industry.
Johnny Invites Coinbase to HK for Development Plans
In a recent tweet, Hong Kong legislator Johnny extended an invitation to all esteemed global virtual asset trading operators.
Johnny included Coinbase, the prominent US crypto exchange, in his invitation, asking them to consider Hong Kong as a destination for official trading platforms.
The invitation presents an opportunity for Coinbase to explore and pursue additional development plans.
By welcoming these operators to Hong Kong to apply official trading platforms, the aim is to provide an environment that is conducive to growth and innovation in the virtual asset industry.
In the tweet, Johnny said, “Please feel free to approach me, and I am happy to provide any assistance.”
US SEC Sues Coinbase Alleging Violations
On June 6, the US SEC filed a lawsuit against Coinbase, alleging that it had operated as an unregistered securities exchange, broker, and clearing agency.
The SEC also alleges that Coinbase facilitated the unlawful buying and selling of crypto asset securities, generating billions of dollars, dating back to at least 2019.
However, the invitation extended by the Hong Kong legislator demonstrates a growing recognition of the importance of cryptocurrencies.
It also highlights the need for constructive engagement between regulators and industry players to ensure a sustainable and thriving digital economy.
The legislator aims to address these concerns and explore potential regulatory frameworks that balance innovation and security by inviting Coinbase.
