Sounds like maybe Kraken hadn’t made the naughty list with your bank yet. Some may continue to float under the radar for a while if they are smaller in size (unknown to banks) and/or only handle a few, basic coins that are clearly-defined already by the SEC and CFTC in terms of securities or commodities etc…
The exchanges that offer a lot of alt-coins will likely not be in compliance and will be subject to eventual scrutiny. Compliance will be much easier for exchanges that only handle a few coins.
I think, with Juno, their metal plan is what you will want if you need higher limits. In order to upgrade, they require a minimum $250/month direct deposit, or, linking your crypto wallet.
-Probably a good approach. We have seen how brokers stop accepting US citizens, but allow existing members to stay, after the fact.
The more that I think about it, the more that I think Robinhood may be a good option. Not only can I do everything in one place, but it’s crypto-friendly and they would likely work hard to stay compliant.
Thanks for the info. It really helps.
I really like Juno’s potential, but I am also a little wary about some things; most notably, how reachable (and identifiable) they really are. Their presence in the US seems very minimal (virtual office, likely). This may be a good thing or a bad thing, depending on how you look at it.
They are partnered with a US bank that offers FDIC insurance on your fiat balance, but I do not know how much recourse that would give you in the event that they bailed with your funds.
But, I was mostly looking at juno as a go-between on/off-ramp. With Robinhood, I would actually use their services, probably, and maybe even keep funds in my accounts.
Crypto-Friendly Congressmen Draft Bill to Reform SEC, Fire Gary Gensler
Following months of attacks against the crypto industry by the U.S. Securities and Exchange Commission (SEC), two Republican congressmen have decidedly had enough of the agency’s chairman.
“Today I filed the SEC Stabilization Act to restructure the SEC and fire Gary Gensler,” announced Warren Davidson (R-OH) on Twitter Monday. “U.S. capital markets must be protected from a tyrannical Chairman, including the current one.”
Joining Davidson in creating the legislation is Rep. Tom Emmer (R-MN) – the crypto-supportive House Majority Whip who has repeatedly blasted Gensler for his “incompetence” in governing the crypto market and driving the industry overseas.
In a press release related to the legislation on Emmer’s website, the politicians cited a “long list of abuses” Gensler has committed while in office, including a “hotel California rule” for crypto providing “no resolution and no clarity for the captives in the market.”
“American investors and industry deserve clear and consistent oversight, not political gamesmanship,” said Emmer in a statement.
The moment Gensler stated publicly, his personal opinion regarding how we do not need any more digital currencies, he probably should have been removed from his position.
The legislation is mostly for restructuring, presumably, and probably not needed to fire Gensler. The legislation may certainly bring attention to his activities and actually expedite his removal, if anything.
We will see just how many friends he has, I guess.
It’s clear that this guy didn’t have clear rules for how the crypto industry should be regulated, but instead he took actions that have negatively affected the industry.
Binance US Says Asset Freeze Sought by SEC Will Cripple Crypto Exchange
Binance.US urged a federal judge to reject a Securities and Exchange Commission request to freeze billions of dollars of assets on the cryptocurrency exchange during a legal fight with the regulator, arguing the move would cripple its business and hurt customers.
“Operations would quickly grind to a halt” without the ability to pay employees, vendors, suppliers and professionals or to maintain the trading platform, Binance.US attorneys said Monday in a court filing. “With a freeze of all corporate assets, banking partners would most likely cease to honor requests to transfer funds for any purpose, including customer redemptions.”
Agreed. It’s a bit of a mess. Instead of causing all of this damage and driving industry overseas, it would be better to work with these companies while everyone tries to figure this stuff out.
Someone of his position should remain objective and not allow his personal opinion to be aired on national television. It just makes the SEC look foolish.
Some kind of reasonable suspicion is likely sufficient to warrant an investigation. How you proceed with that investigation is another matter.
Gensler has been accused of regulation by enforcement, and not giving proper assistance and clarity for various groups to satisfy compliance requirements.
Coinbase and Robinhood already confirmed they tried to register with the SEC but were denied, though gensler claims that information is false, I don’t believe him.
Robinhood Joins Coinbase in Saying It Tried to ‘Come In and Register’ Like SEC Wanted
The companies’ top lawyers testified in a House crypto hearing that they spent months trying to get the SEC to help them comply before being rebuffed.
Obviously the SEC is the problem, I hope the judge sees that
SEC Refuses to Respond to Coinbase’s Rulemaking Petition Following Lawsuit
The U.S. Securities and Exchange Commission today said it had not decided on whether to clarify new crypto rules after America’s biggest crypto exchange Coinbase made a special request for the top regulator to do so.
In a Tuesday filing, the Wall Street regulator said it “has not decided what action to take on Coinbase’s rulemaking petition.”
The future of cryptocurrency may lie outside America
The SEC has spoken: The future of finance is not in America
In the same week that the U.S. Securities and Exchange Commission decided to sue both Coinbase and Binance, Circle announced that it had received a Major Payment Institution license in Singapore.
The differences between the treatment received by major crypto companies in the U.S. versus Asia could not be more telling.
While the U.S. regulator is choosing to crack down on crypto, it’s also paving the way for Asia to dominate the future of finance.
Regulation by enforcement
“Instead of publishing a clear rule book, the SEC has taken a regulation-by-enforcement approach that is harming America,” said Brian Armstrong, the founder and CEO of Coinbase.
