Original｜Odaily Planet Daily (@OdailyChina)
After nearly three months of rapid growth, U.S. publicly traded companies holding cryptocurrencies are facing a new round of regulatory pressure:
Nasdaq is strengthening its scrutiny of companies that hold cryptocurrencies; the U.S. SEC announced on September 5 that it has established a cross-border special task force to enhance the identification and crackdown on cross-border fraud that harms U.S. investors; the chairman of the Financial Action Task Force (FATF) also stated that as criminals increasingly use cryptocurrencies for cross-border fund transfers, countries must disclose the owners of shell companies more transparently.
Various signs indicate that U.S. regulators are intensifying enforcement against publicly traded companies holding large amounts of cryptocurrencies and high-risk enterprises suspected of money laundering. This article from Odaily Planet Daily will summarize relevant information and analyze the potential impact of this trend on the cryptocurrency market.
Nasdaq Tightens Policies on Public Companies Holding Cryptocurrencies, Top 2 ETH Reserve Companies Claim to be Unaffected
According to a report by TheInformation reported, insiders say that Nasdaq is increasing scrutiny of publicly traded companies attempting to raise funds to buy and hoard cryptocurrencies to boost their stock prices, a move that may affect the cryptocurrency market's frenzy. As an important battleground for cryptocurrency stocks, Nasdaq requires some companies to obtain shareholder approval before issuing new shares to purchase cryptocurrencies.
In response, the two major ETH reserve companies, Bitmine and SharpLink, provided different responses, but their shared stance reflects the same message: the current company hoarding strategy is not affected by Nasdaq's policies.
BitMine mmersion Technologies stated that the company is listed on NYSE American under the New York Stock Exchange (not Nasdaq), and can issue shares through existing suspended registration without needing shareholder approval. The current ATM financing plan remains a legally registered public trading activity that can continue without shareholder approval, thus not subject to Nasdaq's requirement for shareholder approval before issuing new shares to purchase cryptocurrencies.
SharpLink officially responded that the company fully complies with Nasdaq's relevant rules, and if it implements an ATM financing plan to purchase ETH, no further shareholder approval is needed. SharpLink emphasized that its strategy remains unchanged, and it will only raise funds when capital can create value for shareholders, committing to strict compliance and transparency requirements to ensure all transactions comply with Nasdaq regulations and industry practices.
In short, Bitmine avoids current regulatory requirements by not being listed on Nasdaq; SharpLink emphasizes that ATM financing is a public sale of shares at market prices, requiring only board approval, not shareholder approval, while affected companies are those that will be listed as DAT (Digital Asset Treasury) in the future.
Outside of stock exchanges, the U.S. SEC is also taking action, launching a joint statement with the U.S. CFTC to encourage innovation in the cryptocurrency industry while targeting cross-border fraud related to stock securities.
U.S. SEC Establishes Cross-Border Special Task Force to Combat Market Manipulation and Other Cross-Border Fraud
On September 5, the U.S. SEC announced the establishment of a cross-border special task force to enhance law enforcement's efforts in identifying and combating cross-border fraud that harms U.S. investors.
It is reported that the task force will prioritize investigating foreign companies suspected of violating U.S. securities laws, including potential market manipulation behaviors such as "pump-and-dump" and "ramp-and-dump." It will also focus on "gatekeepers" that help these companies enter the U.S. capital market, particularly audit firms and underwriters. The task force will also review potential securities violations by companies from certain jurisdictions, including China, as the government control and other factors in these countries pose unique risks to investors.
U.S. SEC Chairman Paul S. Atkins stated, that while welcoming global companies to enter the U.S. capital market, it will not tolerate any company, intermediary, gatekeeper, or trader using international borders to evade U.S. investor protections.
Margaret A. Ryan, head of the enforcement division of the cross-border special task force, stated that the task force will integrate resources and expertise to combat international market manipulation and fraud, effectively protecting U.S. investors.
It is evident that although there is no direct connection to publicly traded companies holding cryptocurrencies, the aim of combating market manipulation and other behaviors is to confine capital liquidity to the U.S. stock market rather than allowing it to flow out through cryptocurrencies.
Combining this with the earlier remarks from the FATF chairman about "criminals increasingly using cryptocurrencies for cross-border fund transfers," and that countries must disclose the owners of shell companies more transparently, various signs indicate that regulators are closely scrutinizing cryptocurrency reserve companies that go public through reverse mergers and preparing for subsequent stringent regulations.
Restrictions on Public Companies' Cryptocurrency Purchases: Short-Term Bearish, Long-Term Bullish
Based on the existing information, the hoarding behavior of publicly traded companies may face increased scrutiny from U.S. regulatory agencies. On one hand, this move aims to avoid disrupting the normal trading order of the stock market and protect ordinary investors; on the other hand, it may impose certain restrictions on money laundering, price manipulation, and stock fraud.
For the cryptocurrency market, this move may temporarily affect the frequency and scale of public companies buying and hoarding cryptocurrencies. While it may not significantly impact large companies with a certain first-mover advantage, it will undoubtedly affect the market valuation and regulatory risks for fundraising targets.
However, in the long run, regulatory agencies imposing certain restrictions and oversight on the hoarding behavior of publicly traded companies will benefit the continued purchase of mainstream tokens such as BTC, ETH, and SOL in the cryptocurrency market. On one hand, regulators will effectively eliminate shell companies without corresponding financial strength from artificially inflating stock prices through speculative trading in the short term; on the other hand, publicly traded companies that meet regulatory qualifications and have certain financial strength will be able to continue purchasing relevant cryptocurrencies at a frequency more aligned with market conditions and hold relevant tokens for a certain period, objectively reducing the circulation of some cryptocurrencies, thereby promoting the growth of the cryptocurrency market's market capitalization and the increase in cryptocurrency prices.
Recent news indicates that SOL Strategies has been approved to list on Nasdaq on September 9, with the stock code STKE. In the context of tightening regulatory windows, this stock may become a "touchstone" for the acceptance and recognition of the recent "cryptocurrency concept stocks" market.
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