- Hong Kong lawyer Gilbert Ng shared his views on the influence of the SEC’s actions on the town.
- The lawyer claimed that SEC laws on Binance would hamper its enlargement into Hong Kong.
- Ng additionally claimed that the SEC’s method to Binance is completely different from its stance on Tether.
Gilbert Ng, a authorized adviser in Hong Kong, claimed that the Securities and Change Fee (SEC) took a unique method to Binance over its concentrate on Tether (USDT). The lawyer added that the SEC’s inflexibility on Binance leaving the USA altogether would negatively have an effect on the trade’s license functions in different areas, together with Hong Kong.
On June 7, journalist Collin Wu took to Twitter to share Ng’s feedback on the influence of SEC lawsuits on Hong Kong.
Just lately, SEC laws on Binance have elevated. The trade has been in bother because the Commodity Futures Buying and selling Fee (CFTC) charged Binance on behalf of unregistered crypto derivatives buying and selling. Just lately, on Monday, the SEC filed 13 expenses towards the trade, together with Binance’s management over Binance US.
In accordance with Wu’s tweets, Ng claimed that the strict guidelines imposed by Binance’s regulatory system will restrict the trade from its enlargement into Hong Kong, along with the obstacles Binance faces in its clean operation.
The lawyer additionally make clear the truth that Hong Kong has a fully-fledged authorized framework for cryptocurrency governance, with regulatory certainties. He added that such a positive crypto ambiance leaves little room for the SEC to intervene within the oversight of Hong Kong cryptocurrency.
Whereas analyzing the contrasting crypto situations within the US and Hong Kong, Ng mentioned that the US lacks complete crypto governance legal guidelines and laws and current legal guidelines should be strengthened. In distinction, Hong Kong has a set of clear and sensible crypto regulatory guidelines.
The reporter additionally shared the completely different definitions of securities held by the USA and Hong Kong, as Ng identified. He posited that cash categorized as safety tokens in the USA needn’t be of the identical class in Hong Kong.
Lastly, Wu pointed to restrictions on the acquisition of safety tokens by retail traders, taking inspiration from Ng. The reporter mentioned, “At the moment, Hong Kong doesn’t enable retail traders to purchase safety tokens, solely skilled traders are allowed to purchase.”
