With last week's court ruling, we're now in this weird world where crypto assets are unregistered securities ... sometimes. Opinion by gckaloudis for The Node.
But Thursday’s news has done basically nothing to make clear where crypto will stand in the eyes of U.S. law. We know where the SEC stands – everything is a security except Bitcoin and maybe Ethereum – but the SEC isn’t the end all be all. Now we’re in this weird world where we have a crypto asset that is an unregistered security sometimes.
Still, I submit that this makes no sense. It’s like saying someone who buys a house as an investment is buying real estate, but a person who buys a house to live in is not buying real estate. It’s nonsense. Either XRP is a security, or it is not. These should be mutually exclusive.published a research note
that stated this ruling “provides legal clarity and defense around what does and does not constitute a security, and that overall outcome is in favor of what many in the industry had been arguing” but that’s not what was provided here at all. Instead, the court decided that the answer to “is this a security?” was – like many things in finance – ”it depends.”
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