{"id":80563,"date":"2023-06-21T16:33:56","date_gmt":"2023-06-21T13:33:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80563"},"modified":"2025-09-11T17:45:02","modified_gmt":"2025-09-11T14:45:02","slug":"berenberg-names-the-secs-next-victims","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/berenberg-names-the-secs-next-victims\/","title":{"rendered":"Berenberg Names the SEC’s Next ‘Victims’"},"content":{"rendered":"

Stablecoins and the DeFi sector are likely to become the SEC<\/span>‘s next targets in its crackdown on the crypto industry, according to a report by investment bank Berenberg, a copy of which CoinDesk has reviewed.<\/p>\n

The analysts believe the SEC will focus on the regulatory compliance of the two largest stablecoins by market capitalization\u2014Tether (USDT<\/a>) and USD Coin (USDC<\/a>).<\/p>\n

According to the report, if the agency targets stablecoins, this would significantly undermine the DeFi ecosystem.<\/p>\n

In particular, mandatory regulation of USDC would negatively affect Coinbase’s financial position. Analysts noted that in the first quarter of 2023 the exchange earned $199 million \u2014 around 27% of the company’s total profit \u2014 from interest income on issuing the ‘stablecoin’.<\/p>\n

Also, Berenberg pointed out that the SEC defined Bitcoin as a commodity<\/a>, not a security. According to the firm, at such a pace the first cryptocurrency would become the ‘ultimate beneficiary of punitive measures’.<\/p>\n

Ultimately, regulatory constraints will push the U.S. crypto industry toward a greater Bitcoin orientation, the analysts concluded.<\/p>\n

In June the SEC sued Binance<\/a> and Coinbase<\/a>. In the latter, refused to change their business model<\/a> because of the Commission’s lawsuit.<\/p>\n

Coinbase’s chief legal officer Paul Grewal stated<\/a> that the agency’s powers do not include the authority to ban [decentralized platforms] in the absence of explicit Congressional authorization.<\/p>\n

Earlier, former SEC lawyer John Reed Stark predicted<\/a> a prolonged battle between crypto exchanges and the regulator. He urged clients of trading platforms to ‘stop using them immediately’.<\/p>\n

Earlier, MicroStrategy founder and former CEO Michael Saylor predicted a multi-fold rise in Bitcoin<\/a> thanks to the regulator’s actions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stablecoins and the DeFi sector are likely to become the SEC’s next targets in its crackdown on the crypto industry, according to a report by investment bank Berenberg.<\/p>\n","protected":false},"author":1,"featured_media":80564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1138,128,807],"class_list":["post-80563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-opinions","tag-sec","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=80563"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80563\/revisions"}],"predecessor-version":[{"id":80565,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80563\/revisions\/80565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/80564"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=80563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=80563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=80563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}