{"id":16962,"date":"2024-09-14T11:20:24","date_gmt":"2024-09-14T08:20:24","guid":{"rendered":"https:\/\/forklog.com\/en\/sec-clarifies-definition-of-securities-for-cryptocurrencies\/"},"modified":"2024-09-14T11:20:24","modified_gmt":"2024-09-14T08:20:24","slug":"sec-clarifies-definition-of-securities-for-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-clarifies-definition-of-securities-for-cryptocurrencies\/","title":{"rendered":"SEC Clarifies Definition of Securities for Cryptocurrencies"},"content":{"rendered":"<p>The <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> has never considered specific tokens as securities, but has taken into account the full set of contracts, expectations, and agreements regarding the sale of assets. This was stated by the Commission in an amended <a href=\"https:\/\/www.courtlistener.com\/docket\/67474542\/securities-and-exchange-commission-v-binance-holdings-limited\/?order_by=desc#entry-273\">complaint<\/a> against Binance.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">&#8220;The SEC regrets any confusion it may have invited&#8221; by falsely and repeatedly stating that tokens themselves are securities. This is the remarkable representation in Footnote 6 of <a href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\">@SECGov<\/a>&#8216;s Amended Complaint against Binance. I hope <a href=\"https:\/\/twitter.com\/s_alderoty?ref_src=twsrc%5Etfw\">@s_alderoty<\/a> is getting some good sleep tonight.\u2026 <a href=\"https:\/\/t.co\/PpbprvkGxh\">pic.twitter.com\/PpbprvkGxh<\/a><\/p>\n<p>\u2014 paulgrewal.eth (@iampaulgrewal) <a href=\"https:\/\/twitter.com\/iampaulgrewal\/status\/1834447203680825809?ref_src=twsrc%5Etfw\">September 13, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The SEC &#8216;regrets any confusion&#8217; it may have caused by repeatedly falsely stating that tokens themselves are securities,&#8221; commented Coinbase&#8217;s Chief Legal Officer Paul Grewal.<\/p>\n<\/blockquote>\n<p>He noted that the agency classified XRP as an investment contract in the very first paragraph of its complaint against Ripple.<\/p>\n<p>Stuart Alderoty, General Counsel of the California crypto company, <a href=\"https:\/\/x.com\/s_alderoty\/status\/1834464168399044842\">criticized<\/a> the SEC&#8217;s clarification, comparing the agency&#8217;s stance to a &#8220;twisted salty pretzel.&#8221; <\/p>\n<p>According to him, the Commission acknowledged that a &#8220;crypto asset security&#8221; is a fabricated term requiring evidence gathering.<\/p>\n<p>Attorney Fred Rispoli disagreed, acknowledging that in this situation, the SEC looks &#8220;pretty good.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Stu I appreciate where you are trying to go but TBH with a cold beer, a college football game on, and some hot mustard and\/or cheese sauce, the SEC is actually (finally) looking pretty good.<\/p>\n<p>\u2014 Fred Rispoli (@freddyriz) <a href=\"https:\/\/twitter.com\/freddyriz\/status\/1834723371306959241?ref_src=twsrc%5Etfw\">September 13, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Noted industry lawyer Jake Chervinsky <a href=\"https:\/\/x.com\/jchervinsky\/status\/1834456762759491862\">supported<\/a> Grewal, comparing the SEC&#8217;s behavior to &#8220;extreme gaslighting.&#8221; Commenters reminded him that during the process, he supported the agency&#8217;s assertion regarding the classification of XRP as a security.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Nice try to save face. But it shows they still can&#8217;t grasp concepts too complex to understand at a glance. Cryptocurrency tokens are mostly &#8216;crowdfunding without equity.&#8217; A completely new idea,&#8221; <a href=\"https:\/\/x.com\/azurexbt\/status\/1834574151472034249\">noted<\/a> entrepreneur Azure.<\/p>\n<\/blockquote>\n<p>Earlier, current SEC Chairman Gary Gensler expressed doubts about the necessity of cryptocurrencies and stated their harm to the economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SEC has never considered specific tokens as securities, but has taken into account the full set of contracts, expectations, and agreements regarding the sale of assets. This was stated by the Commission in an amended complaint against Binance. &#8220;The SEC regrets any confusion it may have invited&#8221; by falsely and repeatedly stating that tokens [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,128],"class_list":["post-16962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16962"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16961"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}