The US Securities and Exchange Commission (SEC) has started looking into the activities of all crypto exchanges registered in the country, Forbes has reported with reference to an aide to Senator Cynthia Lummis.
According to the publication, the regulator's investigation into Coinbase is but the tip of the iceberg. For other exchanges, the process is in various stages. According to CoinGecko, there are currently 40 registered platforms in the US.
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An anonymous senior official of one of the companies has confirmed the department would file a lawsuit against some of them. He has also not ruled out Bitcoin forks such as Litecoin could gain value status.
The senator's aide has noted the SEC wants to urgently end its dispute with the CFTC regarding the mandate to oversee cryptocurrency firms. If the agencies do not resolve this issue on their own, the Congress could intervene in the process.