Bitcoin

On March 1, the U.S. Securities and Exchange Commission (<a href="https://finbold.com/topic/SEC/" rel="noopener noreferrer nofollow">SEC</a>) staff published <a href="https://twitter.com/EleanorTerrett/status/1630759832968998912" rel="noopener noreferrer nofollow">a list</a> of <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a> companies that got registered with the regulator.The SEC had previously insisted that registration was as simple as filling out <a href="https://www.youtube.com/watch?v&#61;dlzX2UDTtUI" rel="noopener noreferrer nofollow">a form on the agency’s website</a>. Interestingly, looking at the published list, five of the nine firms that attained some form of registration with the commission have since collapsed despite their compliance.It is still being determined how many other crypto firms in total have applied for registration and failed or given up on this process. Notably, companies have yet to register under the SEC chairman Gary Gensler. Commenting on the registration, Alan Silbert, the North America CEO of <a href="https://finbold.com/guide/best-cryptocurrency-exchanges/" rel="noopener noreferrer nofollow">crypto exchange</a> INX, published<a href="https://twitter.com/alansilbert/status/1631013420567805952" rel="noopener noreferrer nofollow"> on Twitter</a> on March 1:<blockquote>“The SEC needs to make a friendlier environment for people trying to adhere to the law. They need to advance registrations that have been toiling for too long.”</blockquote><h2 id="header-0"></h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4079956f15a04be0b0f26cc1ad033dc5.png" /><h2 id="header-1">What happened to the registered firms?</h2>Specifically, the companies that are no longer there include Blockchain of Things, which <a href="https://twitter.com/blockchainOT/status/1630688176208592902" rel="noopener noreferrer nofollow">shut down</a> at the end of February after over seven years of operation; YouNow, which gave up on its PROPS token <a href="https://support.younow.com/hc/en-us/articles/4411172644877-Props-FAQs" rel="noopener noreferrer nofollow">in 2021</a>; and ParagonCoin, which got into trouble over an ICO and closed down.Other crypto companies tried to restructure to survive but failed. They include Enigma MPC, which registered out of <a href="https://medium.com/enigmampc/enigma-announces-settlement-with-the-u-s-securities-and-exchange-commission-2406a09fcc20" rel="noopener noreferrer nofollow">a settlement</a> over an ICO, and Airfox (Carrier EQ), which was fined by the SEC after failing to register its ICO. Two years later, it was acquired by a Brazilian company.So far, the four firms that have survived the registration include Hiro Systems (previously called Blockstack), SALT Lending, INX exchange, and Ceres.Due to such results, Stuart Alderoty, the chief counsel of <a href="https://finbold.com/guide/how-to-buy-ripple-xrp/" rel="noopener noreferrer nofollow">Ripple</a>, a company battling with the SEC, <a href="https://blockworks.co/news/ripple-counsel-crypto-usa" rel="noopener noreferrer nofollow">told </a>emerging firms to avoid launching in the U.S.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">Finbold.com</a>.

Five of the nine SEC-registered crypto firms are now gone, documents show

Table of Contents

Finbold

Other articles published on Mar 7, 2023

Crypto Veterans Led by OFR Acquire Blue-Chip NFT Project 0N1 Force

BNB Smart Chain Explained

Cerus Markets Launches its Mobile Trading App $10,000 Giveaway

Yuga Labs’ first Bitcoin NFT collection, TwelveFold, draws over $2m in bids

AI Crypto Ignores Cardano: Charles Hoskinson Shares his Concerns

millonaire partner February

Join our free newsletter for daily crypto updates!