Actor Ben Mckenzie Believes Cryptocurrencies Should Be Classified as Securities
Actor and author Ben Mckenzie, known for his role in ‘The OC,’ argues that cryptocurrencies should be categorized as securities. He expresses concern about the lack of regulation in the crypto industry and the potential for significant losses among individuals. Mckenzie believes that classifying cryptocurrencies as securities would make the industry safer for investors and protect them against fraud.
Key Points:
– Regulatory Classification: Mckenzie supports classifying cryptocurrencies as securities, which would subject them to more stringent investor protection regulations.
– SEC’s View: The United States Securities and Exchange Commission (SEC) shares a similar belief, considering many cryptocurrencies as securities based on the Securities Act 1933 and court decisions.
– Ripple Case: While the SEC pursued Ripple for alleged unregistered securities, the court ruled that Ripple’s native token XRP sold on public exchanges is not categorized as a security.
– Wash Trading Concerns: Mckenzie raises concerns about wash trading in the crypto industry, where users manipulate trading volumes to artificially inflate prices or create the illusion of activity.
– Binance.US Allegations: The SEC has accused Binance.US of inflating its trading volumes by utilizing numerous accounts managed by Sigma Chain, a firm controlled by CEO Changpeng ‘CZ’ Zhao.
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