These changes align with comments recently made by certain SEC Commissioners. Her statement emphasized the breadth of the Proposed Rule and how it could expand the definition of exchange to any trading venue for any type of security. For example, in November , the SEC informed a cryptocurrency exchange that it intended to bring an enforcement action if the company moved forward with a digital asset lending program that would allow certain customers to earn interest on select crypto assets.
According to the company, the SEC did not specify why this product, which would have been similar to other established lending programs, involved securities and required registration. However, substantial uncertainty in this area remains. Commissioner Peirce has repeatedly noted the large variety of digital assets and has emphasized the need for regulatory clarity and rules regarding whether cryptocurrency and other digital assets are securities.
Confusion regarding whether digital assets are securities has also surfaced in court proceedings. In November , a federal jury in Audit v. Fraser 6 found that certain cryptocurrency-related products are not securities under the Exchange Act 7 or under applicable state securities law. Should the Proposed Rule become final in its current form, the SEC likely would take the position that a cryptocurrency exchange or platform utilizing DeFi technology is required to register as an exchange and is subject to SEC regulation, provided the digital assets traded on the cryptocurrency exchange or DeFi platform qualify as securities under federal law.
Companies—and particularly entities that could newly qualify as an exchange under the expanded definition—should consider submitting comments in response to the Proposed Rule. The comment period will end 30 days after the Proposed Rule is published in the Federal Register. Fraser , F. Howey, Co. Under the Howey test, an instrument is subject to SEC regulation if it involves 1 an investment of money; 2 in a common enterprise; 3 with a reasonable expectation of profits; 4 to be derived from the efforts of others.
See more ». Crypto exchanges have long asked for clearer guidelines about what coins and tokens they can list. They may be about to get a double dose. Securities and Exchange Commission Chair Gary Gensler said that he's asked his staff to work with the Commodity Futures Trading Commission to find ways to "register and regulate platforms where the trading of securities and non-securities is intertwined. As its name suggests, the SEC is tasked with regulating securities, which are investment products such as shares and bonds that people buy with the expectation of earning a return.
The CFTC, on the other hand, regulates commodity futures—financial instruments that allow people to buy and sell commodities at a later date at a predetermined price. In most cases, the actual commodities never transfer but are instead settled in cash; these futures are used to hedge positions in case an asset price dramatically rises or falls.
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Securities and Exchange Commission (SEC) Chairman Gary Gensler announced several initiatives during a speech Monday to expand investor. Statement on DeFi Risks, Regulations, and Opportunities By Caroline Crenshaw As published in The International Journal of Blockchain Law. The SEC can use its existing authorities to green the blockchain, protect investors, and prevent money laundering, tax evasion, and criminal.