Crypto Market Stagnancy Ahead of Tech Earnings and SEC Impact
Author: Caroline LewisThe Security and Exchange Commission (SEC) is also imposing its authority over the crypto market in the U.S. by taking on individuals such as Do Kwon, who is jailed in Montenegro on charges of selling unregistered securities. However, his attorneys have argued that UST – the digital asset in question – is a currency, not a security.
In comparison to the U.S., many Asian countries are instead taking a more regulated approach to cryptocurrency by creating their own legal frameworks specifically designed to define and regulate cryptocurrency. Countries such as Singapore, Hong Kong and Taiwan have been setting their own rules, attempting to properly define cryptocurrency rather than applying outdated rules.
Ultimately, Do Kwon’s case could have significant implications for the future of crypto in the U.S., as it could set a precedent for regulators and create a push for regulatory clarity. In the event of a change in the law, it is likely to have an impact on the way in which the crypto market behaves, though it is attributed to an individual’s missteps.