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Coinbase and Kraken Form New Crypto Ratings System - YouTube
Channel: The Cryptocurrency News Portal
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hello folks you have reached the
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cryptocurrency portal here on Monday
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September 30th just doing a little
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update about coinbase in kraken these
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two cryptocurrency exchanges have just
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formed a new crypto rating system so
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that's been interesting because
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obviously the SEC Securities and
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Exchange Commission should be doing
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their jobs and the industry in general
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is asking for regulations and just
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begging for regulation so there's
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regulatory clarity but with that said
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some some crypto exchanges and some
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others are gonna look like they're gonna
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try to take it in their own hands so you
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can see the San francisco-based digital
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asset exchanges coinbase and kraken are
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introducing a new points base trading
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system that suggest whether crypto
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currencies are subject to u.s. security
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laws according to coin bases official
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blog they say the following the result
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of the analysis is a score which makes
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it easy for members to synthesize the
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analysis across many tokens and make
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their own independent business decisions
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about whether or not to support or list
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a crypto currency the system uses
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guidance provided by the US Securities
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and Exchange Commission SEC it was
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created by the crypto raiding council
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CRC an organization that lists Anchorage
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dittrick's circle and internet financial
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coinbase drw Cumberland Genesis treating
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great scale investments in Kraken as its
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founding members
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the CRC system aims to provide
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regulatory clarity on whether digital
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currencies like Bitcoin should be
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treated as securities its goal is to
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help companies analyze the legal aspects
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of crypto projects to assist financial
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services firms that are planning to add
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support for certain crypto assets but
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are not sure whether they comply with
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regulatory requirements the framework
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rates crypto currencies on a scale of
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one to five with a reading of one
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assigned to assets have very few
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characteristics of traditional financial
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instruments or do not meet any of the
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criteria of a security a rating of five
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means that the asset is most likely a
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security coin bases management clarifies
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that the council's ratings are
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determined
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independently the ratings are not
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endorsed by the SEC the Commodity
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Futures Trading Commission CFTC or any
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government agency developer team or
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other third party and they are not legal
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advice although the council may seek
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feedback from development teams crypto
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project developers have no influence
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over the analysis process and the
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majority of the ratings have been
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assigned without obtaining information
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directly from developers the
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announcement states Bitcoin BTC litecoin
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LTC and Manero XM are are least likely
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to be subjected to securities laws the
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rating framework suggests the ripple
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associated XRP token appears to fit the
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criteria of a financial security
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according to the rating system even
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though I know that ripple pushes back on
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them on that assumption and their legal
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team is analyzing that now when it goes
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on CRC ratings 1 least likely be a
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security 5 likely to be a security so
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let's go through some of these some of
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these actually I have not heard of Al
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Gore on a lg 2.0 augur our EP is 3.75
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Bitcoin BTC 1.0 chain link link 2.0 dai
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Dai 1.0 d central land mana is 3.75 e OS
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y us 3.75 aetherium or eth 2.0 fum 3.75
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hadera hash grav 3.75 litecoin LTC 1.0
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the loom network 3.75 maker in KR 4.5
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wow that's the highest so far mo narrow
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XM r 1.0 numeraire NM r 2.0 pali math or
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just pali 4.5 stellar x LM 3.75 T's OS x
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TZ 3.75 x RP is 4.0 z cash ze c 2.0 the
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source again was the CRC ratings so
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ripples management is currently fighting
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a lengthy court battle
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faces allegations that XRP is a security
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and could be subjected to u.s. security
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laws meanwhile ripple CEO Brad garland
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house highlights a report from the UK
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financial conduct authority that
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classifies XRP is an exchange token and
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not a security coin based notes in the
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announcement we expect that some ratings
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will change over time and we will accept
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and consider feedback from asset issuers
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when they should want to share
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additional information or clarification
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that may impact an assets reading so
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this is their first pass at it okay
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they're trying to be the main players in
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the space coin base and cracking and the
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others in the initial grouping but at
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least they will continue to take on
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additional information from other assets
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so you know this is a first step this is
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interesting the coin base and Kraken
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jumped out on the limb like this to kind
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of create their own points base the
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rating system so there's the latest from
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the cryptocurrency portal this just
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caught our eye we thought would bring it
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to the community we deeply appreciate
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in to the cryptocurrency portal here on
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Monday September 30th
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