SEC Unlikely to Issue Clear Guidelines on Crypto Industry
An industry expert has stated that the U.S. Securities and Exchange Commission (SEC) is not expected to provide clear guidance on how the law applies to the crypto industry until the finalization of its case against Ripple. Instead, the SEC is likely to continue bringing enforcement actions against crypto companies it believes violate securities laws, according to Terrence Yang, managing director of Swan Bitcoin IRA.
Judge Torres’ Ruling Brings Some Clarity
Yang highlighted that Judge Torres’ ruling provides some clarity on how the SEC views primary and secondary sales of crypto assets. The ruling suggests that the securities regulator will only need to provide “additional facts” when attempting to prove that secondary sales of crypto assets are illegal. This could have significant implications for the industry, as it may lead to more innovation and growth in the industry if Coinbase wins its own case against the SEC.
SEC to Continue Bringing Enforcement Actions
Yang warned that despite recent developments in court rulings, the SEC is likely to continue bringing enforcement actions against crypto entities it deems in violation of securities laws. The withdrawal of its suit against Ripple executives does not mean a shift in approach, and the SEC’s string of court setbacks might still be overturned by a higher court.
Hot Take
The recent developments in court rulings regarding the SEC’s case against Ripple and its potential impact on the crypto industry highlight the ongoing uncertainty and regulatory challenges facing this sector. It remains to be seen how these legal battles will shape future regulations and enforcement actions within the crypto space, ultimately impacting innovation and investor protection.
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