Change of Cryptocurrency Regulation in the United States
The U.S. SEC has revised its position, now considering most cryptocurrencies as "commodities" rather than financial securities, with exceptions. This decision, welcomed by the industry, clarifies the regulatory framework after a decade of uncertainty. Cryptos like Bitcoin, Ether, XRP, Solana, and Cardano are cited as examples of cryptocurrencies that are not financial securities, provided they are intrinsically linked to an operational cryptographic system. NFTs and stablecoins are also excluded from this category.
However, a cryptocurrency can still be classified as a financial security if it is subject to an investment contract involving promises of profits based on the efforts of a third party. This new interpretation, influenced by a pro-crypto policy, transfers some of the oversight of cryptocurrencies from the SEC to the CFTC. For users, this means greater freedom to buy without the risk of delisting. For platforms, this could mean a loophole to SEC oversight if they limit themselves to buying and selling cryptocurrencies, although the CFTC maintains its vigilance over fraud and market manipulation.
