The Markets in Crypto-Assets passed the Tripartite negotiations, while the European Union anticipates a new body for AML regulation.
The Securities and Exchange Commission, or SEC, is an independent agency within the United States government tasked with regulating the securities markets in a way that protects the public from fraud, maintains fair and efficient markets, and facilitates healthy capital formation in the U.S. and its jurisdictions.
The emergence of cryptocurrencies with the advent of Bitcoin (BTC) directly challenged the hegemonic order of the legacy financial system and quickly provoked ire and distrust from various regulatory authorities.
The SEC, however, remained largely quiet on securities law applicability to cryptocurrencies and fundraising events until July 2017 when the agency published their report on the DAO project, concluding that the sale of DAO tokens was in fact an unregistered securities offering and therefore subject to securities laws. This was published in the context of the initial coin offering, or ICO, craze of 2017 to2018.
Since then, the SEC has slowly brought cases against various projects such as halting the launch of the highly anticipated Telegram blockchain network, TON, in October 2019, thus setting legal precedent for all current and future blockchain ventures.
The SEC is one of the most powerful regulatory agencies in the world, as most countries often wait to see how the U.S. regulates certain industries before implementing their own legislation and regulatory frameworks.
VanEck believes nothing should prevent the SEC from approving a pure Bitcoin ETF after the regulator greenlighted Bitcoin futures ETFs in 2021.2222
From accusing the SEC of suppressing Bitcoin to suggesting alternatives, the community responded in various ways to Grayscale’s legal challenge against the SEC.2174
Grayscale CEO Michael Sonnenshein on Wednesday said the company was “deeply disappointed” and “vehemently disagree” with the SEC’s decision to deny their application.8804
The business intelligence firm has now amassed 129,699 BTC at an average price of $30,644, according to CEO Michael Saylor.9345
“Litigation and enforcement activity is likely to accelerate in the current regulatory climate, perhaps in unpredictable ways,” says lawyers from Choate Hall & Stewart LLP.4137
The Celsius failure continues to draw regulator’s and the community’s attention to lending issues.941
Gensler said he saw many crypto assets having attributes of a security, adding that Bitcoin is the only crypto he was comfortable publicly labeling as a commodity.10470
“The approval of each and every Bitcoin-linked investment product strengthens our arguments about why the U.S. market deserves a spot Bitcoin ETF," said CEO Michael Sonnenshein.7981
In an interview with The Financial Times, SEC chair Gary Gensler said he is working on a memorandum of understanding with the agency’s digital asset market co-regulator.5859
Hoskinson feels regulations for the crypto industry should be defined better, but that compliance should come from the industry itself, not from regulatory authorities.5219
An agriculture subcommittee heard a CFTC official, a law professor, a Chainalysis cofounder and Charles Hoskinson air their views on regulation and adjacent topics.2562
“The SEC [decided] to do regulation through enforcement, which is not efficient and really I think has stifled innovation in the United States,” said Brad Garlinghouse.8357
Peirce has called for regulatory clarity around certain issues relating to crypto as part of the SEC Spring 2022 Regulatory Agenda, which was released on Wednesday.3059
The senators introduced new approaches to familiar questions concerning digital assets and decided how to divide regulatory responsibilities.1950