The recent letter from US lawmakers to the Securities and Exchange Commission (SEC) is an interesting development in the ongoing call for clear regulations surrounding digital assets, in this case cryptocurrency. The need for global regulations for this asset class is undeniable, however this letter is a stark reminder of the complexities involved. When lawmakers and authorities are struggling to understand each other within their own country, the challenge for global agreement is likely a long way off.
The rapidly evolving digital asset landscape poses challenges for investors, client service professionals, regulators and governments alike, and keeping abreast of market news is essential. I – along with the other Digital Asset professionals at Saffery Trust – have a keen personal interest in this sector, as well as professional, so news like this always prompts thought-provoking discussions across the team.
The negative repercussions of the SEC implicitly or directly classifying ETH as a digital asset security will cascade throughout the digital asset marketplace both in the short and long term
https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409210
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