Investing.com – The US Securities and Exchange Commission (SEC) has been trying to get a handle on the drifts of the cryptocurrency market for years. Its president, Gary Gensler, has always made it known that the doors of authority are always open to the sector and that the various players must register in order to avoid any future problems.
In the various lawsuits filed by the SEC against crypto firms, it has often been heard that the securities regulator does not respond to requests. What’s more, there’s more to the process of registering than just filling out a simple form, as Fox Business reporter Eleanor Terrett discovered.
She spoke to Canadian crypto-trading platform INX about her experience with the SEC and the registration process. INX opened its registration process in 2018, submitting the F-1 form that foreign companies need to register. From that moment, 953 days passed before the authority finally approved the request.
Crypto businesses that want to establish a foothold in the United States not only need to be persistent, but also have enough capital. According to Terrett, the INX registration process cost about $2 million in attorney fees.
By Marco Oehrl