June 18 (Cointime) - While the SEC's lawsuits against Binance and Coinbase have created uncertainty in the US crypto sector, other countries are clarifying the regulatory status of various crypto assets. The SEC's actions have caused major exchanges to halt USD deposits and remove tokens mentioned in the lawsuits.

The requirement for crypto exchanges to register a securities offering with the SEC is a daunting task that few are willing to undertake, which could potentially lead to the end of the crypto trading market in the US. Indonesia has published a list of 501 cryptocurrencies that are legal to trade, including all tokens that the SEC has claimed are securities, while Brazil has passed a law allowing the Central Bank to supervise virtual asset service providers and is developing a regulatory framework for crypto securities. Coinbase believes that many crypto assets can be classified as securities and that regulating them could modernize the financial system, but the lack of a clear process for registering crypto securities is impeding progress. Meanwhile, countries like Brazil are taking steps to support the technology's growth.