Recent legal actions by the SEC against Binance and Coinbase are rattling the industry.
Are cryptocurrencies deemed an unregistered security? Are some cryptos treated differently from others? What is an unregistered security, anyway? These are questions swirling around in the crypto world — and even confounding some legal experts.
It was a smart question, and a timely one — given the rise of crypto in recent years. Anyone who promotes unregistered securities can be held liable, according to the SEC. If not registered, it means investors can lose layers of protection, including not being able to identify a clear money trail or to track when an investment has failed, said Tyler Rutherford, associate attorney focused on crypto and securities at law firm Pastore in Stamford, Conn.
“We met with the SEC more than 30 times over nine months, but we were doing all of the talking,” the crypto exchange wrote in a blog post in March.
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