Regulators Worldwide Introduce Rules for Digital Asset Industry, While US Experiences Fragmentation and Fighting
Regulators across the globe are introducing regulations for the digital asset industry. The EU Parliament has approved the most comprehensive framework for digital assets ever, while Hong Kong and Singapore are competing with Japan to become the digital asset hub of the Asia-Pacific region.
Philippine SEC Warns Public Against Unregistered Gemini Derivatives Product
The Securities and Exchange Commission (SEC) in the Philippines has issued a warning to the public about investing in Gemini Derivatives, which falls under the category of securities according to Philippine law and should be registered with the SEC. However, Gemini lacks the necessary licensing and authority to operate in the country, making it an unregistered security.
SEC Took Much Against XRP On Its Case With Ripple
A Forbes contributor has criticized the US Securities and Exchange Commission (SEC) for its actions against Ripple, stating that the regulator had bitten off more than it could chew. The release of undisclosed documents and past contradictions could impact the outcome of the SEC vs. Ripple case.
SEC's XRP Crackdown Faces Challenges as Contradictions and Undisclosed Documents Emerge, According to Forbes Contributor
Forbes contributor Sam Lyman suggests that the SEC's ongoing campaign against XRP may face challenges due to past contradictions and undisclosed documents. The agency's efforts to classify digital assets as securities and subject them to securities law are being challenged by its own past statements and actions. The disputed documents, including the infamous Hinman speech, must be publicly available, according to a recent ruling by a federal judge. Pro-XRP lawyer John Deaton argues that the lawsuit goes beyond simply enforcing U.S. securities laws and was wielded as a weapon with questionable motives. The XRP Army, a dedicated community of XRP proponents, has come together to support Ripple, catching the SEC off guard.
Crypto Prices Stagnant as Conflict with U.S. Regulators Continues
This week, there were no significant developments in the ongoing battle between the SEC and the blockchain industry, resulting in stagnant crypto prices. While SEC Chairman Gary Gensler reiterated his agency's willingness to assist crypto companies in registering, opponents, including SEC Commissioner Hester Pierce, are challenging the SEC's position that existing securities laws provide clear enough guidelines for the industry.
DigiToads and Cardano: Secure Options for Investors Despite Regulatory Scrutiny
Regulators have been focusing on exchange platforms due to their direct relationships with retail investors, as the crypto market continues to expand. The Security and Exchange Commission (SEC) has been the primary regulator, categorizing most top crypto coins as securities, putting them under SEC authority. This has led to increased regulatory scrutiny for dozens of cryptocurrencies and exchange platforms. However, DigiToads (TOADS) and Cardano (ADA) are secure and serious options for investors, with DigiToads dominating the meme coin market and Cardano gaining renewed interest from the bulls. Both offer unique features and long-term value for investors.
Ripple and SEC Request More Time to Disclose Hinman Documents, Fueling Settlement Speculation
Ripple and the SEC have asked for more time to disclose the Hinman documents, which has led to speculation about a possible settlement in their ongoing legal battle. Both parties have argued that the voluminous nature of the materials and necessary redactions require more time.
XRP Community Celebrates as Judge Denies SEC's Motion to Seal Hinman Documents in Ripple Lawsuit
The XRP community has shown great interest in the recent update regarding the documents related to William Hinman's controversial speech.
SEC Commissioner Endorses MiCA as a Model for US Crypto Rules
SEC Commissioner Hester Peirce has endorsed the European Union's Markets in Crypto Assets (MiCA) law as a potential model for crypto rules in the United States. Peirce believes that MiCA's regulatory approach could serve as an example for other countries to follow. The MiCA regulation aims to streamline the crypto industry's regulatory infrastructure and define the parameters of crypto regulation more precisely. Peirce's support of MiCA creates exciting possibilities for the future of crypto regulation, as the commissioner's comments shed light on the trend of progressive US regulatory systems being influenced by European legislation.
US lawmakers introduce bill to clarify labeling of digital assets as "investment contract assets"
US lawmakers have reintroduced the Securities Clarity Act, which aims to clarify how digital assets are labeled. The bill proposes a new term, "investment contract asset," to distinguish assets from the securities contracts they are part of. Without this distinction, token projects that have to raise capital in the early stages will not be able to move out of the securities framework once the project is decentralized, which will harm token holders. The bill has received support from crypto advocacy groups in Washington D.C. and is seen as crucial legislation that provides much-needed certainty for investors, consumers, and businesses.
