CandleFocus Coinbase and Ripple CLOs Challenge SEC’s ‘Crypto Asset Security’ Terminology
2024-09-20
Author: Content Editor
This news discusses the challenges that the U.S. Securities and Exchange Commission (SEC) is facing in terms of its terminology and approach towards crypto regulation. Legal officers from Coinbase and Ripple have criticized the SEC's use of the term "crypto asset security," highlighting the lack of legal foundation and inconsistent application. The criticisms align with concerns raised by lawmakers and other legal scholars, who argue that the SEC's use of the term lacks statutory support and creates uncertainty in the industry. Ripple's ongoing legal battle with the SEC over the status of XRP exemplifies the regulatory inconsistency. The upcoming congressional hearings, where the SEC Commissioners will testify, will be crucial in shaping the future regulatory landscape for cryptocurrencies and digital assets. There is a growing call for a more adaptable and clear regulatory framework that fosters blockchain advancements while protecting investors.
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