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U.S. SEC Changes Its Mind on Officially Labeling Digital Assets

The U.S. Securities and Exchange Commission (SEC) took one small step backwards in regulating the crypto sector on Wednesday, when it erased what would have been its first formal definition of “digital asset” from its latest hedge fund rule.

The original proposed definition for a digital asset in this week’s hedge fund rule hadn’t been extensive or controversial, describing such a thing as “using distributed ledger or blockchain technology” and including “so-called ‘virtual currencies,’ ‘coins’ and ‘tokens.’”

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