Cryptocurrency firms are increasingly straying into the world of traditional banks and offering the same services. With offers of loans and interest-earning accounts, more new cryptocurrency firms are straying into the world of traditional banks, to the consternation of US financial regulators. But as a matter of US law, banking law doesn't apply to Coinbase," said Dan Awrey, professor of law and financial regulation at Cornell University. However, he said securities law can apply to cryptocurrency platforms, something SEC Chair Gary Gensler agrees with. And a perfectly well-fitting law that doesn't," he said, referring to the gap between securities and banking law.

Source: News 24 September 16, 2021 15:00 UTC