Change of course of the SEC on cryptocurrency regulation
The U.S. SEC has revised its position, now considering most cryptocurrencies as "commodities" rather than securities, with exceptions. This new interpretation, which aligns with the pro-crypto policy of the Trump administration, aims to clarify the regulatory framework for market participants. NFTs and stablecoins are also not considered securities.
This development, which moves away from the traditional Howey test, will have major consequences for users and exchange platforms. Users will be able to buy cryptocurrencies more freely, while platforms that only offer crypto transactions will escape SEC oversight. The CFTC will take over some of the supervision, particularly regarding compliance and prevention of market manipulations.
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