Yugocean
Valued Contributor
SEC is taking steps against big companies, but the steps seams to be suspicious. As on July 28 (today), the SEC accused and charged fine on three giants JP Morgan Securities, UBS Financial Services and Trade Station Securities for violation of Rule 201 of Regulation S-ID related to "deficiencies in their programs to prevent customer ID theft." This is strange step because all three companies are pro-crypto.
The commission has collected fines from the firms - $1.2 Million from JP Morgan, $925k from UBS, and $425k from Trade Station. Fine is collected and kept it in SEC's pocket. However, the customers have not got any relief/ protection. So how it is going to help people?
People are also questioning why the rules protecting retail are not being used to prevent thefts at Wall Street? It is also believed that as the SEC's case against Ripple has weakened, thus it has begun to exert its influence over the crypto world.
The commission has collected fines from the firms - $1.2 Million from JP Morgan, $925k from UBS, and $425k from Trade Station. Fine is collected and kept it in SEC's pocket. However, the customers have not got any relief/ protection. So how it is going to help people?
People are also questioning why the rules protecting retail are not being used to prevent thefts at Wall Street? It is also believed that as the SEC's case against Ripple has weakened, thus it has begun to exert its influence over the crypto world.
