It’s been a tough few weeks for US-based crypto investors. First, Coinbase Pro announced that it would be delisting a number of assets, including XRP, which was promptly followed by an announcement from Binance US that it would be doing the same.
This has left many wondering why US Binance is not working.
The simple answer is that the US Securities and Exchange Commission (SEC) has yet to approve any crypto exchange-traded products (ETPs), and until it does, US exchanges are unlikely to list them. This is because listing unapproved products on a US exchange could be seen as breaking securities law.
The more complicated answer is that the SEC’s decision on whether or not to approve crypto ETPs has been delayed by the government shutdown. The SEC is currently operating with a reduced staff, and its chairman, Jay Clayton, has said that approving new products is not a priority for the agency during the shutdown.
NOTE: WARNING: US Binance services may not be working in your region due to a variety of reasons. Please check with your local authorities and make sure that using such services is not in violation of any laws or regulations before attempting to use them. Additionally, please be aware that using US Binance services may put you at risk of theft or fraud. Use caution when dealing with financial transactions on any platform.
This leaves US investors in a difficult position. They can either trade on foreign exchanges that may not be subject to the same regulations as US exchanges, or they can wait for the SEC to give the green light to US exchanges before trading.
In the meantime, there are a few ways for US investors to get exposure to the crypto market. One is to invest in companies that are involved in the crypto industry, such as Coinbase or Square.
Another is to invest in blockchain-focused ETFs, such as Amplify Transformation Data Sharing ETF (BLOK) or First Trust Index Innovative Transaction & Process ETF (LEGR).
The bottom line is that US investors should be patient when it comes to trading cryptocurrencies on US exchanges. The SEC needs to approve any new products before they can be listed, and with the government shutdown delaying decisions, it could be some time before we see any major changes in the US crypto landscape.
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