Fun

SEC has taken ‘too expansive’ a view of crypto, says former commissioner

News Feed - 2024-05-10 04:05:00

Turner Wright4 hours agoSEC has taken ‘too expansive’ a view of crypto, says former commissionerFormer SEC commissioner Troy Paredes was not the first to criticize the U.S. financial regulator’s lack of clarity on digital assets.2522 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksTroy Paredes, who served as a commissioner at the United States Securities and Exchange Commission (SEC) from 2008 to 2013, suggested that the regulator might be overreaching on what digital assets it considered securities.


Speaking at the TokenizeThis 2024 conference in Miami on May 9, Paredes said SEC Chair Gary Gensler seemed to suggest that the commission had clarity on his views of what constituted a security under the Howey test. However, he said there was still a “jurisdictional question” the SEC needed to address on digital assets.


“I mean, if it’s not a security, then it’s outside the scope of the federal securities laws in the SEC’s jurisdiction,” said Paredes. “The commission, I believe, has taken a very expansive view as to what constitutes a security under the Howey test.”Troy Paredes speaking at TokenizeThis 2024. Source: Sam Bourgi


The former commissioner added that many in and outside of the SEC seemed to be focusing on labeling certain tokens as securities, but they weren’t addressing how to “adapt the regulatory regime” for digital assets. He added there was “a lot of uncertainty” among firms attempting to comply with regulatory requirements.


Related:SEC doesn’t want Ethereum to transform banking landscape, says Joseph Lubin


Many have criticized the SEC for taking a “regulation by enforcement” approach to crypto firms offering tokens or crypto services to U.S. residents. The commission filed lawsuits against Binance, Kraken and Ripple and may be preparing for an enforcement action against Robinhood after it issued a Wells notice.


The SEC’s actions have prompted a response from many lawmakers looking to restrict the commission’s authority over digital assets. On May 8, a majority in the U.S. House of Representatives voted for a resolution overturning an SEC Staff Accounting Bulletin on banks custodying customers’ digital assets. President Joe Biden said he plans to veto the bill.


Magazine:Crypto regulation: Does SEC Chair Gary Gensler have the final say?# Cryptocurrencies# SEC# Bitcoin Regulation# United States# RegulationAdd reaction

News Feed

Kevin O’Leary: FTX Collapse Is a Turning Point for the Industry — ‘Crypto Bottom Is In’
Kevin O"Leary: FTX Collapse Is a Turning Point for the Industry — "Crypto Bottom Is In" Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has investments in FTX. Following
Asia’s Largest Web3 Event TOKEN2049 Exclusively Unveils NFT Assets Valued Over US$100 Million
Asia’s Largest Web3 Event TOKEN2049 Exclusively Unveils NFT Assets Valued Over US$100 Million press release PRESS RELEASE.SINGAPORE — 25th September 2022 —TOKEN2049,
Venezuelan Buys Apartment Using Tether as Real Estate Market Warms Up to Crypto
Venezuelan Buys Apartment Using Tether as Real Estate Market Warms Up to Crypto A Venezuelan individual has reportedly purchased an apartment using cryptocurrenc
Shiba Inu Falls Below $0.00002631 As Bears Dominate The Market, Time To Buy?
Este artículo también está disponible en español. Shiba Inu (SHIB) has seen intense bearish pressure as its price slips below the critical $0.00002631 level. This downwar
Best Presales This Year as Analysts Predict Bitcoin Bull Run Amidst Market Chaos
Bitcoin has been stuck for the last three months, trading between $90K and $100K. It did cross the $108K mark twice but wasn’t able to hold the gains. Bitwise head of alpha, J
Alice Ivey10 hours ago5 Python libraries to interpret machine learning modelsPython libraries that can interpret and explain machine learning models provide valuable insights into their predictions and ensure transparenc
Public Firms Snag 131,000 BTC, Surpassing ETFs In Bitcoin Purchases
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Plustoken Cash-Outs Could Be Behind BTC Price Drop, Says Report
Plustoken Cash-Outs Could Be Behind BTC Price Drop, Says Report On Monday, the blockchain surveillance company Chainalysis published an excerpt from the firm’s upcoming cri
Over 15% of ETH Supply Locked in Smart Contracts, BTC Dominance Declining
Over 15% of ETH Supply Locked in Smart Contracts, BTC Dominance DecliningThe rapid growth of decentralized finance (defi) protocols is contributing to the increasing proportion of E
NYU Professor ‘Dr. Doom’ Says 99% of Crypto Is a Scam — Tells Investors to ‘Absolutely Stay Away’
NYU Professor "Dr. Doom" Says 99% of Crypto Is a Scam — Tells Investors to "Absolutely Stay Away" NYU Professor Nouriel Roubini, aka Dr. Doom, has warned that “99.99% of c
South African Exchange Sets New Crypto Withdrawal Limits — Restrictions ‘a Deterrent for Illicit Actors’
South African Exchange Sets New Crypto Withdrawal Limits — Restrictions "a Deterrent for Illicit Actors" One of South Africa’s biggest cryptocurrency exchanges, Luno, has
What does Bitcoin smell like? AI startup wants to ‘teleport’ digital scents
Tristan Greene3 hours agoWhat does Bitcoin smell like? AI startup wants to ‘teleport’ digital scentsThe technology could also help detect diseases such as cancer.1306 Total views5 Total sharesListen to article 0:00Ne