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SEC nearly doubles crypto unit staff to crack down on abuses in the booming market The Securities and Exchange Commission announced Tuesday. “Of the nearly 10, tokens in the crypto market, I believe the vast of crypto security tokens are covered under the securities laws. “Promoters are marketing and the investing public is buying most of these tokens, touting or anticipating profits based on the efforts of. NFL BETTING POINT SPREAD EXPLAINED PHOTOS

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But since terms like "coin," "token," "currency," and "asset" are regularly used interchangeably to describe the thousands of products in the crypto world, it's difficult to accurately categorize them based on nomenclature alone. Instead, one must look at function. When determining whether a digital asset is a security, the SEC considers whether the asset constitutes an "investment contract. Howey Co. The Howey Test requires that there must be 1 the investment of money 2 in a common enterprise 3 with a reasonable expectation of profits to be derived from the efforts of others.

Echoing his predecessor's sentiments, current SEC Chair Gary Gensler reiterated to CNBC in August that the SEC considers many cryptocurrency coins and tokens to be securities under the Howey Test, saying, "If somebody is raising money selling a token and the buyer is anticipating profits based on the efforts of that group to sponsor the seller, that fits into something that's a security" "SEC chair Gary Gensler on his vision for cryptocurrency regulation" Aug.

The SEC has already waged several successful legal battles against crypto creators and platforms on this front. These cases provide a glimpse of what's likely to come. Kik Interactive Inc. Kik claimed that the funds from the offering would help create a "Kin Ecosystem" revolving around — and driving up the value of — its new token.

The SEC successfully argued that, under the Howey Test, Kik's offering met all three criteria for an investment contract: Money had been invested in a single integrated offering with the expectation by investors that they would see a return generated by Kik's future projects. On Sept. Beyond cryptocurrency issuers, the SEC has also started focusing its enforcement efforts on other players in the crypto world, including crypto lenders and exchanges.

Cryptocurrency lending platform BlockFi Lending LLC recently faced the first crypto lending enforcement action of its kind by the SEC, as well as a civil suit from its own account holders. BlockFi is a platform that offers interest-bearing accounts through which investors can lend their crypto assets to BlockFi in exchange for monthly interest payments. These interest payments are generated through BlockFi's subsequent lending and investment activities. In February , an SEC cease-and-desist order alleged that BlockFi had failed to register its interest accounts as securities.

The SEC argued that the interest accounts functioned as investment contracts because investors were promised a variable interest rate based on BlockFi's deployment of the crypto assets it was loaned. Additionally, BlockFi was subsequently hit with a class action lawsuit on March 1 by account holders claiming that they should have been informed that the interest accounts were not registered as securities Mangano v.

BlockFi, cv The case is still ongoing. Ripple Labs, Inc. The SEC's complaint alleges that the defendants raised funds through the sale of XRP in an unregistered securities offering to investors and by distributing billions of XRP in exchange for non-cash consideration, such as labor and market-making services. The complaint also alleges that the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.

On March 11, , the individual defendants' respective motions to dismiss were denied. While the case remains ongoing, it is possible that the outcome could have reverberating effects on the SEC's enforcement activities in this space for years to come. Roger E. Yet, the SEC is now taking a stance on cryptos like they are securities or at least some cryptos are securities. One of the most difficult parts of trading crypto is the tax implications and in almost every way securities are taxed in a more favorable way than investment property.

On the legality of existing ICOs and those who facilitate their trading: If they are securities, then they are unregistered securities. If that is the case, then the initial sale of them was technically illegal. On retroactive action: It is unlikely that even if it was deemed that past ICO sales were illegal that action would be taken retroactively. Or at least this seems to be the opinion of securities lawyers and former regulators.

TIP: If you want to know to what degree volatility might be curbed if cryptos were regulated like stocks, look at penny stocks and blockchain stocks. We can see countless examples of crazy price action that gives cryptos a run for their money, and then in some cases we see action taken.

So, if we expect that, again we would expect that not much would change. Still, the chance that people will react calmly to news like this is near zero. The SEC enforces laws and suggests rules. There are rules and regulations that can be put in place by the SEC, but ultimately Congress is in charge.

Congress is slightly less bullish on cryptocurrency in general than the SEC, the crypto community, hedge funds, banks, etc. Thus there are some known unknowns here. This page is about the SEC, not about every aspect of government as it pertains to the future of crypto in the United States. TIP: This is me just doing my best to string some logic together. Essentially everything anyone from the SEC has ever said about cryptocurrencies can be found on the SEC website so check that out if you want further information.

Also remember, opinions and rules can change. Further, I have no idea what the SEC will do. Do your own research. Everything considered, in the grand scheme of things crypto is likely to roll along on the path it is on. That path is a gradual upward trajectory, with lots of volatility, where a few regulations are sprinkled in here and there as the market matures naturally and new players enter the space as it has been. However, there is a potential speed bump in terms of a path that looks like this: 1.

ICOs are deemed securities, 2. Getting right would be as simple as following some rules and paying some fees, and that might at worst potentially filter out some current players, but one could see that having an epic FUD effect at first it would be the type of news that could drop crypto prices hard.

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