As a researcher who has closely followed the cryptocurrency market for years, I find myself increasingly perplexed by the SEC’s approach towards regulating digital assets. The recent developments in the ongoing lawsuit against Binance, where the SEC has expanded its list of tokens deemed securities, is yet another example of this regulatory flip-flopping.
The Securities and Exchange Commission (SEC) expanded its list of assets deemed as securities, leading to further legal action against Binance in a continuing court case.
In continuation of their ongoing legal dispute, the U.S. Securities and Exchange Commission (SEC) is intensifying its actions against Binance. New court documents indicate that the exchange may have violated laws by listing, marketing, and selling more tokens that the SEC now deems as securities.
The following tokens are part of the mix: Axie Infinity (AXS), Filecoin (FIL), Cosmos (ATOM), The Sandbox (SAND), and Decentraland (MANA). As the regulatory body maintains its control over the sector, there’s a growing discontent regarding its methods. Critics argue that it unjustly classifies crypto assets as securities, which leads to strict actions against numerous businesses involved with this asset category.
As a crypto investor, I recently learned that in the recent update to the lawsuit against Binance, the Securities and Exchange Commission (SEC) asserted that Binance and its U.S. affiliate, BAM Trading, have been promoting tokens, which were previously deemed as securities, to investors. The SEC further claimed that Binance and BAM Trading flood these markets with re-published and amplified statements from the token issuers and promoters, suggesting these tokens as investment opportunities.
The SEC Flip Flops Around What It Considers Securities
Despite some cryptocurrency advocates expressing frustration over the SEC’s ongoing regulatory actions, the SEC’s recent court filing comments have sparked criticisms about its complex methods. Several people have accused the SEC of using confusing tactics after it acknowledged that the term “cryptographic asset security,” which the SEC uses to classify tokens as securities, does not automatically mean that the tokens are securities. Instead, the SEC explained that the phrase refers to “the entirety of contracts, expectations, and agreements surrounding the sales and distribution of the [cryptocurrency].
Paul Grewal, Coinbase’s top legal advisor, expressed his displeasure on X by saying, “The Securities and Exchange Commission (SEC) repeatedly claims that tokens are securities, as evident in their history of regulation. Why deceive the court?” Stuart Alderoty from Ripple‘s legal team added, “It seems it’s high time for the SEC to acknowledge that they have twisted themselves into a knot of inconsistencies.
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2024-09-14 22:06