In its first cryptocurrency debate, which took place on March 21, the (SEC) reiterated its commitment to define effective policies for the sector.
As reported by the SC in its statement, the discussion focuses on the classification of cryptocurrencies, and on criteria that consider these to be value titles (securities), others say it’s not.
In this regard, Mark Uyeda, interim president of the SEC, cited the difficulties that have arisen in recent years to define the regulation of this type of assets that arise after the creation of Bitcoin.
Seventeen years later, market participants, lawyers, academics, lawmakers and regulators are still addressing important issues relating to the situation of these new cryptographic works under federal law law.
Mark Ueda, interim president of the SEC.
In these statements, Ueda mentioned it. of differences of opinion that exist Around the application of SO – Called Howey Test To cryptocurrency. This is a way to determine whether there is an investment contract.
He referred to tests used by US regulators since the 40s of the last century to determine whether the asset is a value title. Through this tool, it is evaluated whether a transaction with a particular asset is implied. Investment contract.
In this regard, Uyeda recalls the SEC’s recent policy statement and noted that certain areas of the cryptocurrency sector are not subject to securities laws. Bitcoin mining and Memecoin are among them.
However, he assured that other areas and some cryptocurrencies were “undetectedly very possible.” Defined as a value title.
“We’re going in several directions,” he said. I remember that many of the claims made up so far have no legal support.
The issue was the cause of discussion at an event submitted on the SEC.GOV site, which featured 12 lawyers representing various fields in the cryptocurrency industry (including three SEC members).
Various perspectives have been raised in that sense regarding the subject of cryptocurrency classification; surface To sector followers and skeptics.
Clash of opinions on the SEC panel
“What is the most important question you face when trying to solve this problem?”
«The spectrum of application of the securities law led to projects that took trajectory at the early market stage. Very similar to the first public offerSarah Brennan, general advisor at Delphi Ventures and member of the panel, said:
“On my part, I have read all the reports from the law firms of companies that have fought the SEC. I think the cryptographic effects involved are value,” says John Reed Stark, former director of the agency and legal affairs expert. This mentioned the list of cryptocurrencies that the SEC had requested for Ripple, Coinbase, Binance and Kraken during the Joe Biden government.
Benjamin Schiffrin, director of Beter Markets Firm’s perspective policy, agreed to Reed. The idea was also supported by Lee Raines, a professor at the Faculty of Law at Duke University. They agreed that there are most cryptocurrencies, Except for BTC and unfulfilled tokens (NFTs), They are value titles.
In this way, the difficulties that the judges had in the discussion were caught up in the discussion. In some courts Do classification. In fact, “many judicial opinions create uncertainty among past participants,” Ueda said.
Steptoe One LLP company Coy Garrison is known as SEC. You have no last words on this topicthen the opinions of other bodies, such as the Raw Materials Trade Commission (CFTC), should be considered.
On his side, Bakerhoosteler’s partner Teresa Goody Guillen, Specific regulations For the sector. What happens if the Howey test is not the right tool to determine what he asked?
At this point he was called Uyeda and commissioner Hester Peirce (who runs the SEC Working Group). Leaving application regulations. This is a strategy that has recently used the SEC, applying the old laws typical of the stock market to another, disruptive, new ecosystem.
As reported by Cryptonoticia, the discussion was the first of several to be held over the next few months, entitled “Accelerating Spring towards Crypto Clarity.” The purpose of the SEC is to discuss important areas of interest in regulating cryptographic actions.
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