The new directives of Securities and Exchange Commission (SEC) of Securities and Exchange) on the development of cryptocurrencies are largely considered as a major victory for the cryptography industry and the push towards a regulation of world coherent digital assets.
In a press release of May 29, the finance division of the SEC companies said that “the features of the protocol starring” such as the cryptocurrencies set up in a blockchain of proof of participation “do not need to register with the commission transactions under the law on securities”.
The agency’s new directives mark a “step forward” for the American cryptocurrency industry, said Alison Mangiero, head of ship policy at the Crypto Council for Innovation.
“The SEC has now recognized what we have supported for a long time: the implementation is an essential part of the operation of modern blockchains, not an investment contract,” she told Cintelegraph.
“This clarity is critical.”
Crypto industry observers have long pleaded for clearer guidelines.
In April, the CCI Proof of Stake Alliance project led a coalition of nearly 30 organizations to submit a detailed letter to the working group on the Cry Crypto, describing that a non -guardian or guardian gratique service provider is “distinct from investment contracts”.
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“The SEC has opened the door to more judicious regulations,” said Mangiero, adding that this is a “victory for stakers and the wider cryptography community”.
However, industry participants are still waiting for the approval of the first ether Ether (ETH). On May 21, the SEC delayed its decision on the Bitwise application to add a stimulation to Son Ether, as well as its decision on the FNB XRP (XRP) of Graycale.
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The dry advice mark the “notable quarter”
The new SEC directives mark a “notable change compared to previous and heavy approaches to the application,” said Marcin Kazmierczak, co-founder and operations manager of Oracle Blockchain, Redstone.
“This represents real progress towards regulatory clarity, but it is evolving rather than revolutionary,” he told Cintelegraph.
“The foundation is set for more complete regulation of cryptography, with the approval of the ETF to mark out more and more plausible by the end of 2025,” added Kazmierczak.
The creation of the working group in dedicated Crypto of the SEC on January 21 marked another stage of the remoteness of the regime of the previous application. The working group, led by Commissioner Hester Peirce, is preparing to publish his first report on the regulations in the “next months,” said the president of the SEC, Paul Atkins, during a hearing of May 20.
The new guidelines come after years of efforts to prove the proof of the participation of CCI, which educated political decision-makers on the importance of the markup of cryptocurrencies.
“We have constantly argued that participation in the protocol is not an investment activity – this is a main function of the functionality of modern blockchains,” said Mangiero, adding that new dry advice is significant progress towards “recognition of this distinction”.
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