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After a bumpy ride with Ripple’s financial setbacks, the Securities and Exchange Commission (SEC) is catching the crypto wave. A recent change on the SECGov website, spotlighted by crypto influencer MartyParty, hints at a fresh perspective. The introduction of a “Crypto Assets” section suggests the SEC might be rethinking how it sees cryptocurrencies.
SEC’s Surprise Move
The SEC’s website got a makeover recently, adding a new section called “Crypto Assets.” MartyParty’s take raises questions about how the SEC views and labels cryptocurrencies. Could this mean they’re leaning towards seeing them as assets rather than securities? After all, this crucial distinction holds immense importance in regulatory oversight and legal categorization.
It is very important that the regulatory system clearly distinguishes between assets and securities. The SEC is mostly in charge of overseeing securities, their trading, and the platforms that help them happen. As a result of this new classification, the SEC’s direct control over crypto assets may be limited since they are not typically regulated by the SEC.
However, he still doesn’t believe the SEC can give up, especially since Coinbase and numerous other trading platforms are being sued by them.
Also Read: XRP Lawyer John Deaton Slams Former SEC Officials for Market Regulation Failure
Expert Analysis: What’s the Dilemma Here?
This analyst goes into more detail about the possible pivotal shift as a turning point for the crypto space. His understanding is that the SEC’s action shows that cryptocurrencies are not controlled by stock laws. He argues that the SEC only has control over stocks and the exchange-traded funds (ETFs) that hold them, not the crypto assets themselves.
As John Deaton and John Reed Stark pointed out in their previous analyses – Gary Gensler seemed to be stifling crypto assets, which led to inflation that wasn’t needed, and now the US is facing its own Great Depression.
Read More: Bitcoin ETF Blowout? SEC Talks Heat Up with Major Asset Managers
This Could Be the Turning Point We Were Waiting For
Looking ahead, crypto experts think a separate regulatory body for crypto assets might be on the horizon, similar to the Markets in Crypto-Assets (MiCA) system in the European Union. This could be a win for the crypto community, challenging the SEC’s attempts to regulate and emphasizing the need for fresh legal frameworks for digital assets.
As the SEC dips its toes into new waters with the “Crypto Assets” section, the crypto community eagerly watches for more updates. This journey promises to bring legal twists and turns, maybe even a new way of thinking about and regulating cryptocurrencies.
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