Bitcoin Tanks on News That SEC Wants Crypto Exchanges to Register With Agency

Written by:
Published on:

Bitcoin fell Wednesday, dropping below the key $10,000 level after the Securities and Exchange Commission said it will require digital asset exchanges to register with the agency.  Scroll Down

The largest cryptocurrency by market capitalization dropped nearly 10 percent on Coinbase in a sudden move after the SEC statement stoked fears tightening regulation could restrict future trading. Bitcoin was trading around $9,780 around 3:37 p.m., ET.

The SEC statement:

"If a platform offers trading of digital assets that are securities and operates as an 'exchange,' as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration."

"The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not. Many platforms refer to themselves as "exchanges," which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange."

Watch Below

Bitcoin drops after SEC demands platforms should be registered from CNBC.

video News

Bitcoin Unfolding Like Dot Com Crash, Just 15 Times Faster

Bitcoin is behaving a lot like how the Nasdaq did around the dot-com bubble, but the timeline is unfolding 15 times faster, according to research published by Morgan Stanley.

Per Eriksson: Innovation is Key for NetEnt

“For us, it is trying to be different and innovation is key for NetEnt. We have a vision that we are driving the iGaming market,” NetEnt CEO Per Eriksson told

Those Who Cashed Out of Bitcoin at its Peak Stuck With Hefty Tax Bills

Those Who Cashed Out of Bitcoin at its Peak Stuck With Hefty Tax Bills

A Reddit user by the name of Thoway (his real identity concealed) is stuck owing the Internal Revenue Service (IRS) a hefty $50,000 despite making less than that as a $47,000-a-year-salaried office worker.

Bitcoin Uncensored: 'A Few Steps From Federal Prison If You Don't Beef Up on Legal Preparation'

Ken Nguyen of Coin Republic sits down at to talk tokens, ICOs, and SEC concerns.

Police Pursuit Leads to Shooting Outside Casino

Escondido Police shot and killed a man Saturday night steps away from the entrance to the Valley View Casino in North San Diego County, according to the San Diego Sheriff's Department.