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

Amaka Nwaokocha11 hours agoSouth Korea strengthens crypto regulation with LEI adoption and crime unitThe decision was driven by the country’s concern over illicit activities in the crypto market and the desire to safeg
Bitcoin’s Mining Difficulty Rises for the Second Time in a Row — It’s Now 0.63% Harder to Find a BTC Block
Bitcoin"s Mining Difficulty Rises for the Second Time in a Row — It"s Now 0.63% Harder to Find a BTC Block On August 18, 2022, Bitcoin’s mining difficulty increased again
Martin Young3 hours agoBinance urges users to convert euros to USDT after Paysafe debankBinance’s European debanking woes continue as it urges Paysafe users to convert their euros to digital dollars.2259 Total views22
Binance execs detained in Nigerian capital despite country exit
Helen Partz13 hours agoBinance execs detained in Nigerian capital despite country exitSenior Binance execs Tigran Gambaryan and Nadeem Anjarwalla have been detained at a government property since Feb. 26.4335 Total views
Brayden Lindrea8 hours agoBitcoiner drops BitVM paper — Bringing Ethereum-like contracts to BitcoinThe author of the white paper, Robin Linus, based BitVM’s architecture on Ethereum’s optimistic rollups with fraud
Cryptocurrency Airdrops and Giveaways: What They Are and What’s Next
Cryptocurrency Airdrops and Giveaways: What They Are and What"s Next There are a number of ways people can obtain cryptocurrencies and one of them is through airdrops, a type of
USD Index Starts Inching Toward Highs Again, Société Générale Economists Say Rebound Towards 114.8 Peak ‘Is Not Ruled Out’
USD Index Starts Inching Toward Highs Again, Société Générale Economists Say Rebound Towards 114.8 Peak ‘Is Not Ruled Out’ In 2022, the U.S. dollar has been very strong, de
New Bybit User? Get up to $600 in Welcome Rewards
New Bybit User? Get up to $600 in Welcome Rewards sponsored New Bybit users can get up to $600 in welcome rewards upon completing simple tasks and hitting trading milestones after s
WEF Launches Crypto Sustainability Coalition to Leverage Web3 Technologies in Climate Change Battle
WEF Launches Crypto Sustainability Coalition to Leverage Web3 Technologies in Climate Change Battle The World Economic Forum (WEF) has launched the Crypto Sustainability Coalition,
World’s largest Bitcoin miner didn’t sell any BTC in June
Zoltan Vardai11 hours agoWorld’s largest Bitcoin miner didn’t sell any BTC in JuneMarathon Digital said it aims to further strengthen its Bitcoin holdings through open-market acquisitions but may also sell to support
Savannah Fortis10 hours agoGerman parliament member ’staunch opponent’ of digital euro, all in on BitcoinEuropean Union lawmakers anticipate the arrival of the digital euro, but German politician Joana Cotar is pushi
Prashant Jha12 hours agoXRP tops Bitcoin on Upbit with $2.6B of trading volume in 24 hoursFollowing a partial win in its long-running court battle with the SEC, Ripple’s XRP token surged over 90% on July 13, reaching a