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Reading: SEC’s Changing Stance on Digital Assets in the Binance Case Echoes Ripple Impact
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Deythere > News > News > SEC’s Changing Stance on Digital Assets in the Binance Case Echoes Ripple Impact
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SEC’s Changing Stance on Digital Assets in the Binance Case Echoes Ripple Impact

SECs changing stance on digital assets in the Binance case incorporating symbols like the SEC logo Binanc
Furuhashi Daiki
Last updated: September 14, 2024 12:00 pm
By
Furuhashi Daiki
Published September 14, 2024
4 Min Read
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The U.S. Securities and Exchange Commission (SEC) is well-known for its stringent approach towards crypto companies. Recently, the SEC made a significant statement regarding the term “crypto asset securities.” This revised stance has sparked notable reactions and debates among legal experts and the broader crypto community.

Contents
SEC Clarifies Its Position on “Crypto Asset Securities”Legal Community ReactsBinance Case and Regulatory ImplicationsRecent SEC Enforcement Actions

As the SEC reshapes the definition of “crypto asset securities,” delve into the evolving landscape of crypto regulations and how this shift is impacting major exchanges like Binance.

SEC Clarifies Its Position on “Crypto Asset Securities”

In a recent statement, the SEC clarified that the term “crypto asset securities” refers to contracts, expectations, and agreements related to the sale of these digital assets—not the digital assets themselves. This clarification came during ongoing legal proceedings against major crypto companies like Binance. The agency emphasized that using the term does not automatically mean that digital assets are classified as securities.

Legal Community Reacts

The SEC’s new stance has left many in the legal and crypto communities surprised. Jake Chervinsky, Chief Legal Officer of Variant Fund, expressed his disbelief on X, calling the SEC’s position “extremely misleading.” Similarly, Paul Grewal, Chief Legal Officer at Coinbase, highlighted that the SEC referred to XRP as a “crypto asset security” in the case against Ripple, pointing out inconsistencies in the agency’s stance. Ripple’s own Chief Legal Officer, Stuart Alderoty, also criticized the SEC, urging the agency to acknowledge its contradictory positions.

SECs changing stance on digital assets in the Binance case. The image should feature symbols of the SEC Binance

Binance Case and Regulatory Implications

In its ongoing case against Binance, the SEC alleges that the exchange violated U.S. securities laws. In a comprehensive filing from November 2023, the SEC listed 10 crypto assets sold as investment contracts that met the criteria of the Howey Test. By July 2024, the SEC indicated that it wanted to amend its initial complaint, suggesting that the court may not need to rule on certain tokens. This move is part of a broader wave of enforcement actions by the SEC in recent months.

Recent SEC Enforcement Actions

The SEC recently reached a settlement with eToro, a financial services firm, over illegal brokerage and exchange operations related to crypto. Another notable case involved Galois Capital, a crypto-focused investment advisory firm, which faced penalties for regulatory violations involving the custody of customer assets. These actions highlight the SEC’s continued aggressive oversight of the crypto industry under Gary Gensler’s leadership.

Given the SEC’s evolving position on the classification and regulation of crypto assets, it’s clear that the digital asset environment remains highly dynamic. Legal experts and crypto firms are closely watching these developments, as they could significantly shape the future regulatory framework for digital currencies. As the SEC continues its enforcement strategies, crypto companies will need to increase their efforts to remain compliant in this uncertain landscape.

For more updates on crypto regulations and enforcement actions, follow Deythere.

SEC crypto regulation, Binance lawsuit, Ripple effect on SEC, crypto asset securities definition

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ByFuruhashi Daiki
Daiki Furuhashi is a seasoned expert in blockchain technology and cryptocurrency, with over 7 years of experience in the field. Beginning his career as a software developer in a leading fintech company in Tokyo, Daiki quickly recognized the transformative potential of blockchain. Over the years, he has led numerous blockchain projects, focusing particularly on smart contracts and decentralized finance (DeFi). His expertise spans across various aspects of the industry, including the development of secure blockchain infrastructures and innovative financial solutions. At DT NEWS, Daiki provides in-depth analysis and insights into global blockchain trends and market movements, helping readers stay ahead in the rapidly evolving world of crypto finance.
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