US securities regulator SEC cryptocurrencies has been discriminating against the President for years. As SEC members like Hester have confirmed and criticized, the President’s continued crypto money does not allow its companies to live in the US. On the other hand, the CEO of the Blockchain Association warned cryptocurrency investors.
SEC and Cryptocurrencies
The SEC, which filed lawsuits against Binance and Coinbase exchanges in June of last year, turned what was expected to be the calmest week of the year into a bloodbath. Among the regulatory institutions affiliated with the Biden administration, the institution that took the clearest stance against cryptocurrencies is headed by Gary Gensler. SEC‘ti. Trump said of Gensler, who is expected to leave office by March of next year, “I will fire him the day I take office.”
SEC lawsuits basically focus on one thing, which is “cryptocurrencies are securities/investment contracts and do not comply with the rules,” but there is a problem here. It is not possible for cryptocurrency companies to meet the legal compliance requirements that the SEC requires. Because it is unclear exactly what legal requirements the SEC is requesting. While it requires registration for tokens, there is no clear guidance on how cryptocurrency projects should register.
SEC member Hester describes the current attitude as “the SEC wants to blindfold them and make them walk the right path.” We have seen some politicians who are concerned that innovation in the crypto space will benefit places like the BEA and Qatar tell the SEC to “be clear now.”
So what did the SEC do? As we announced last minute today, it signed a death agreement with eToro. It allowed the cryptocurrency platform to provide services for 3 cryptocurrencies, limited to BTC, BCH and ETH. So CFTC So do commodity regulators agree with the SEC? They also believe most cryptocurrencies are commodities, the exact opposite of Gensler.
In short, it is not clear what cryptocurrencies are even among institutions in the US. The Democrats’ majority leader promised to pass the FIT21 law before the end of the year. However, while the rules of the bills passed after the 2008 banking crisis have not yet been fully established, expecting the US to provide clarity on this issue in a few months or even a few years may be overly optimistic.
Could Have SEC Kick of the Year
The Blockchain Association CEO said today that we could see more SEC actions in the next few weeks, as the SEC’s fiscal year ends on September 30. What does this mean? We could see the SEC quickly file lawsuits against cryptocurrency exchanges, DeFi projects, and tokens in the next few weeks.
Investors have previously seen lawsuits involving ATOM, BNB, BUSD, CHZ, NEAR, FLOW, ICP, SOL, MATIC, FIL, SAND, MANA, ALGO, AXS and around 100 other cryptocurrencies. Most of these are the subject of lawsuits by Binance and Coinbase. altcoins.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
