In recent legal rulings, judges have criticized the U.S. Securities and Exchange Commission's (SEC) approach to cryptocurrency regulation
Recent legal rulings have seen judges criticizing the U.S. Securities and Exchange Commission (SEC) over its approach to cryptocurrency regulation, especially in classifying digital assets as securities.
In a series of tweets, attorney and XRP enthusiast Bill Morgan highlighted some of these criticisms, which come as part of a pushback against the SEC's stance on crypto assets.
"Judge Torres in SEC v Ripple told the SEC that the XRP token itself is not a security /1 pic.twitter.com/XpjbaJbdsl"
First, Morgan pointed out XRP's historic win in the SEC v. Ripple case, where Judge Torres stated clearly that the XRP token itself is not a security. This decision pushed back against the SEC's argument that XRP, simply by being a digital asset, fell under securities regulation.
As highlighted by Morgan, "Judge Orrick in SEC v. Payward Inc (Kraken case) told the SEC that 'orange groves are no more securities than cryptocurrency tokens are,' delivering a pointed critique of the SEC's approach."
Judge Orrick went on to tell the SEC to keep a clear distinction between the nature of the crypto asset itself and sales of the asset.
Morgan also noted that in the SEC v. Binance case, "Judge Jackson completely rejected the SEC’s embodiment theory that the crypto token is the embodiment of an investment contract, rather than possibly being the subject of an investment contract under certain circumstances."
Recent events
This year, the SEC has already sent Wells notices, filed lawsuits or reached settlements with several crypto firms on Ethereum and decentralized finance, including ShapeShift, TradeStation and Uniswap.
Centralized exchanges and trading platforms Coinbase, Kraken, Binance and Robinhood have all been engaged in legal disputes with the regulator.
Earlier this month, Ripple scored a major win as the court slashed the SEC's demand by nearly 94%, ordering Ripple to pay $125 million, thus putting an end to the nearly four-year legal battle.
In the latest development, cryptocurrency marketplace OpenSea has been included in the SEC's targets as the regulator expands its crypto crackdown.
The company's CEO stated in a post on X on Wednesday that the U.S. Securities and Exchange Commission issued a Wells notice to OpenSea, alleging that the non-fungible tokens (NFTs) sold on its platform are securities. OpenSea's chief characterized the SEC's recent action as a "move into uncharted territory."
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