#SEC
Blockchain groups press SEC on staking and secondary trading as FCA moves to define DeFi
The SEC has been asked by a total of six blockchain organizations to categorize digital commodities as non-securities. Also, they’ve asked the SEC to make the rules for staking and secondary trading clear.
This comes even as the SEC’s comment period ended and two DeFi consultations were opened by the UK’s FCA.
Six networks want ‘digital commodity’ embedded into the rules
The advice was contained in a joint letter, signed by Chainlink Labs, the Cardano Foundation, Hedera, Aptos Labs, Ava Labs and the Stellar Development Foundation.
The six organizations are asking for one major thing; they want the SEC to change the digital commodity classification from interpretive guidance to the tenets of the proposed Regulation Crypto Assets framework.
The six organizations want the SEC to make the classification of digital commodities to be as clear as possible. They argue that the lack of clarity means developers and market participants would stay guessing as to whether the securities laws apply to them.
Staking and secondary trades top the list of requests
The letter doesn’t just stop at classification of digital commodities. It also asks for clearer rules on how securities law affects secondary-market trades of digital assets, staking, and other activities linked to decentralized networks.
This is not the first time the SEC has been queried. In a joint publication with the CFTC in March, the SEC categorized crypto assets into five groups. The groups are: digital commodities, digital collectibles, digital tools, stablecoins and digital securities.
The document included sections on “protocol mining” and “protocol staking,” as well as the treatment of staking receipt tokens. The six organizations want those ideas to be incorporated into the legal framework, to provide uniform interpretations and avoid confusion.
#Write2Earn #EarningsSeason #BTC #ETH $BTC $ETH
Blockchain groups press SEC on staking and secondary trading as FCA moves to define DeFi
The SEC has been asked by a total of six blockchain organizations to categorize digital commodities as non-securities. Also, they’ve asked the SEC to make the rules for staking and secondary trading clear.
This comes even as the SEC’s comment period ended and two DeFi consultations were opened by the UK’s FCA.
Six networks want ‘digital commodity’ embedded into the rules
The advice was contained in a joint letter, signed by Chainlink Labs, the Cardano Foundation, Hedera, Aptos Labs, Ava Labs and the Stellar Development Foundation.
The six organizations are asking for one major thing; they want the SEC to change the digital commodity classification from interpretive guidance to the tenets of the proposed Regulation Crypto Assets framework.
The six organizations want the SEC to make the classification of digital commodities to be as clear as possible. They argue that the lack of clarity means developers and market participants would stay guessing as to whether the securities laws apply to them.
Staking and secondary trades top the list of requests
The letter doesn’t just stop at classification of digital commodities. It also asks for clearer rules on how securities law affects secondary-market trades of digital assets, staking, and other activities linked to decentralized networks.
This is not the first time the SEC has been queried. In a joint publication with the CFTC in March, the SEC categorized crypto assets into five groups. The groups are: digital commodities, digital collectibles, digital tools, stablecoins and digital securities.
The document included sections on “protocol mining” and “protocol staking,” as well as the treatment of staking receipt tokens. The six organizations want those ideas to be incorporated into the legal framework, to provide uniform interpretations and avoid confusion.
#Write2Earn #EarningsSeason #BTC #ETH $BTC $ETH