As a seasoned crypto investor with over a decade in this dynamic digital landscape, I’ve witnessed the ebb and flow of regulatory decisions like a sailor navigating stormy seas. The recent development involving Binance and the SEC has left me both amused and perplexed.
As an analyst, I’d rephrase that statement as follows: In a revised lawsuit filed against cryptocurrency exchange Binance and its previous CEO, Changpeng Zhao, the U.S. Securities and Exchange Commission (SEC) clarified that their intention was never to categorize cryptocurrencies as securities.
In response to adding three additional tokens to the Binance lawsuit, the Securities and Exchange Commission reconsidered its stance on digital assets being considered securities. This position has been a key factor in numerous enforcement actions taken against operators of digital assets.
In several instances, the Securities and Exchange Commission (SEC) has accused companies such as Binance and Coinbase of selling unregistered digital securities through cryptocurrencies. However, the industry has maintained for a while that the concept of unregulated crypto asset securities doesn’t actually exist. On September 12th, the SEC filed documents that appear to support this perspective.
The agency apologized for categorizing individual cryptocurrencies and token collections under the umbrella term ‘securities’. It seems that this term was used by the SEC as a quick way to refer to different parts of cryptocurrency transactions in the amended complaint.
The Securities and Exchange Commission (SEC) has pledged to use the term “crypto asset securities” less often and expressed regret for any confusion it may have previously caused. Critics in the digital asset community, including Paul Grewal of Coinbase and Stuart Alderoty of Ripple, however, argue that this admission comes too late and highlights the SEC’s questionable regulatory strategy.
It seems the SEC now admits that “crypto asset security” isn’t widely recognized, and to prove a “crypto asset” is an investment contract, they need proof of relevant contracts, assumptions, and mutual understanding.
— Stuart Alderoty (@s_alderoty) September 13, 2024
As an analyst, I’ve observed that despite the advancements in the cryptocurrency sector, the Securities and Exchange Commission (SEC) has persisted with its regulatory actions, as demonstrated in their updated lawsuit against Binance. The most recent court filing expands the list of alleged unregistered securities, now including Cosmos (ATOM), Axie Infinity (AXS), and Filecoin (FIL).
Just prior to the submission, the Securities and Exchange Commission (SEC) reached a settlement with eToro as well. In this settlement, eToro consented to cease operations for most of its cryptocurrency trading. Notably, the SEC referred to these digital assets as “crypto asset securities” in this agreement.
Additionally, there have been investigations regarding SEC Chair Gary Gensler due to accusations that certain appointments he made were influenced by political considerations. Notable Republican legislators such as Patrick McHenry have been involved in probing the allegedly partisan SEC leader.
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2024-09-13 19:40