From the Coinbase blog, June 6:
Today,
we’re announcing that Coinbase is on track to operate a regulated
broker-dealer, pending approval by federal authorities. If approved,
Coinbase will soon be capable of offering blockchain-based securities,
under the oversight of the US Securities and Exchange Commission (SEC)
and the Financial Industry Regulatory Authority (FINRA). This step
forward is being made possible by our acquisition of a broker-dealer
license (B-D), an alternative trading system license (ATS), and a
registered investment advisor (RIA) license.
There
are now many types of blockchain-based digital assets, from
cryptocurrencies to security tokens to collectibles. In the United
States, some of these assets will be subject to SEC oversight. With this
in mind, securing these licenses will bring us a step closer to our
goal, which is to be the most trusted way for our customers to buy,
sell, and use many different types of crypto assets.
Following our recent announcement of the
Coinbase suite of institutional products,
we believe this is an important moment for the crypto ecosystem, and
yet another indication of the maturation of the crypto economy. If
approved, these licenses will set Coinbase on a path to offer future
services that include crypto securities trading, margin and
over-the-counter (OTC) trading, and new market data products.
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. We believe this will democratize
access to capital markets for companies and investors alike, lowering
costs for all participants and bringing additional transparency and
inclusion to the ecosystem....
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