- Hogan says the SEC’s disclosure will provide regulatory clarity.
- The popular attorney expressed his concerns on why there is a lot of ambiguity regarding the SEC’s regulation of crypto assets.
Pro-Ripple Lawyer and one of the partners at Hogan and Hogan law firm, attorney Jeremy Hogan, has called on the United States Security and Exchange Commission (SEC) to clarify the crypto industry’s regulation. Attorney Hogan recently tweeted that the SEC should identify and clearly state the cryptos among the top 20 cryptos that fall under its purview. According to him, the SEC shouldn’t hide its method of identifying the cryptos it considers securities.
“The SEC should go through the top 20 digital assets and state the ones that are and aren’t securities. Why the ambiguity?” Attorney Hogan added that the SEC is supposed to protect investors from projects that aren’t following the law. Hence, it shouldn’t hide the process from the public. The popular attorney joins the list of crypto advocates who have recently made similar calls to the SEC.
The SEC should be able to go down a list of the top 20 cryptocurrencies and tell us which are (and aren’t) securities.
Why not?
Why does it CHOOSE ambiguity?
Isn’t it supposed to be protecting us from these projects that aren’t following the law? Tell us! https://t.co/CeT9r1fc6S
— Jeremy Hogan (@attorneyjeremy1) September 2, 2022
Despite these calls from many crypto enthusiasts, the financial watchdog has repeatedly ignored such calls. Recently, SEC chief, Gary Gensler, claimed that he only considers Bitcoin as the only cryptocurrency that isn’t a security. Gensler explained that investors in many altcoins seek a return on their investments like any other financial asset.
Related: Gary Gensler’s SEC overreach shows its intention toward the crypto market – Report
Hence, such altcoins are considered securities. Also, many crypto assets have characteristics that fall under the definition of securities. However, bitcoin is the only crypto asset without such attributes and can be classified as a commodity.
Thailand’s SEC introduces new crypto ad rules
The US SEC isn’t the only regulator attempting to regulate the crypto industry. Regulators in other regions are doing the same. On Wednesday, Thailand’s SEC announced a new set of rules for crypto firms intending to promote their products and services. According to the official statement from the commission, there are six new rules for crypto firms.
First, an ad must contain no false or misleading information, including user counts. The regulator also states that all warnings must be bold enough for easy reading. The warnings must include the benefits and risks to investors.
Thailand’s SEC ruled that the promotion of certain digital assets must only be through official websites and other limited channels. But crypto firms can promote their general services on open channels. The last rule states that Thai’s SEC is canceling the policy that introduced broker agents.
These agents often refer clients to brokerage services. The announcement states that the new rules are already effective since September 1. The regulator gave crypto firms the next 30 days to modify their current advertisements to conform with the new rules.
These new rules aren’t the first regulation to be introduced by Thai’s SEC. Earlier in the year, the regulator banned using cryptos for financial settlements. Nonetheless, Thai’s SEC is still granting operational licenses to crypto firms. It granted four such licenses last month.
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