The SEC's crypto crackdown is escalating as it goes after the Winklevoss twins' firm over 'unregistered securities.' Here's what they are.
to the SEC and agreed to stop its"staking" program, where investors lock in their holdings of digital assets for a interest-based reward.stop minting its Binance-branded stablecoin
In the US, if an asset is deemed to be a security it needs to be registered with the SEC. For example, an initial public offering of a stock newly listed on the stock exchange represents the first offering of its freshly registered securities. The debate in the crypto world, though, doesn't fall on whether the assets should or shouldn't be registered, but more fundamentally on whether they should be classed as securities at all.There's long been a debate whether a digital asset - essentially, software - is a commodity like gold, or a security like an ETF. To this end, crypto is typically regulated by the Commodities and Futures Trade Commission , indicating its status as a commodity.
Meanwhile, last week Coinbase's chief legal officer Paul Grewal also rebuffed the idea of staking being a security., he argued that staking failed all four prongs of the Howey Test, not just the fourth one of value creation.
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