When the SEC targeted Binance and Coinbase in lawsuits, the fallout cost more than a dozen of cryptos about $5 billion in market value. Some believe stablecoins and DeFi could be next.
dozens of cryptocurrencies as securities but provided very little explanation for how they came to that conclusion. There is no question that these and many other cryptos are being purchased as investments, but the SEC is alleging that they also fall within the legal definition of a security. This wouldThe clampdown has been costly to the digital-assets industry.
Speaking at the Piper Sandler Global Exchange and FinTech Conference in New York earlier this month, SEC Chair Gary Genslerhis view that the"vast majority" of crypto tokens meet the Howey test—a set of standards to determine whether a transaction qualifies as an investment contract and, thus, is considered a security—and should be registered with the SEC.
While the SEC contends that drastic measures to rein in the cryptocurrency business are simply a way to protect investors against fraud and manipulation, rife in the digital-asset market, a popular view among industry insiders is that the regulator is simply cracking down on the sector after multiple high-profile bankruptcies led to billions of dollars in losses.
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