SEC named 9 tokens as securities
The SEC has identified 9 cryptocurrencies traded on the Coinbase exchange, which, in its opinion, can be considered securities. Previously, a former Coinbase employee was charged with fraud and insider trading
Among these assets are: AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, KROM and all of them are mentioned in connection with alleged insider trading.
"Our message with these charges is clear: fraud is fraud, regardless of whether it occurs on the blockchain or on Wall Street," the SEC said
The current case is one of the few examples where the SEC has named specific crypto assets as securities.
Earlier, the ex-head of the commission, Jay Clayton, stated that BTC is not a security, and former SEC director of corporate Finance William Hinman did not notice any signs of securities in Ethereum. The current head of the regulator, Gary Gensler, has a slightly different opinion and believes that only bitcoin can definitely be considered a commodity.
It can be concluded that the SEC largely adheres to the opinion that most cryptocurrencies are securities. Coinbase reacted to the SEC's decision and stressed that American laws are not keeping up with the digital world and need to be finalized:
"Crypto assets that are securities need an updated set of rules to be able to work effectively with them. And crypto assets that are not securities need confirmation of this definition. The current situation leads to damage to innovative technologies and, ultimately, to consumers"
Coinbase has filed a petition with the SEC regarding the development of rules on the definition of securities among digital assets.
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