The lawsuit filed by the US Securities and Exchange Commission against Binance completely shook the market. On top of that, the SEC’s designation of some cryptocurrencies as securities in the lawsuit caused deep losses in the market. However, Bitcoin billionaire Barry Silbert argues that some cryptos will not be on the SEC’s radar.
Barry Silbert: SEC lawsuits do not affect Bitcoin and these coins!
Barry Silbert, founder of Digital Currency Group (DCG), clarified the status of Proof-of-Work (POW) tokens in a recent tweet regarding the ongoing lawsuits by the US Securities and Exchange Commission (SEC). Silbert explained that tokens such as Bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC) are not involved in any SEC lawsuits.
Silbert’s statement follows the SEC’s legal action against major crypto exchanges Binance and Coinbase. The SEC has identified a number of tokens as securities in previous lawsuits against these platforms. cryptocoin.comAs you follow, the tokens in question include Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), The Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW) ), Internet Computer (ICP), NEAR Protocol (NEAR), Voyager Token (VGX), Dash (DASH), and Nexo (NEXO).
PoW tokens are not on the SEC’s target!
The distinction between securities and non-securities in the cryptocurrencies space has been the subject of intense debate and regulatory scrutiny. The SEC aims to ensure investor protection and market integrity. That’s why he actively explores various tokens and their compliance with securities laws. The tokens it considers to be securities are subject to strict regulatory scrutiny, including registration requirements and compliance with securities laws.
Barry Silbert’s statement provides some reassurance to POW token holders and backers. Accordingly, it indicates that they are not currently the focus of the SEC’s legal action. As the founder of DCG, a leading blockchain investment firm, Silbert’s comments carry weight within the cryptocurrency community.
Binance accuses SEC of regulatory oversight
The SEC has filed a stunning lawsuit against cryptocurrency exchange Binance and its CEO, Changpeng Zhao. The complaint alleged numerous legal violations. A quick response came from Binance in the form of a blog post strongly opposing the SEC’s actions. Binance cites its previous active collaboration with the SEC’s investigations. In this context, he expresses his disappointment and despair at the SEC’s decision to file a complaint. The exchange claims that the SEC is making sincere efforts to address its concerns and negotiate a settlement. However, according to Binance, the SEC abruptly abandoned this process and resorted to litigation.
While Binance acknowledges the seriousness of the SEC’s allegations, the company says they should not be the basis for immediate enforcement action. The exchange expresses its intention to strongly defend its platform. He also criticizes the SEC for failing to provide much-needed clarity and guidance to the digital asset industry. Binance also criticizes the SEC’s approach, noting that the Commission’s enforcement and litigation tactics are not suitable for regulating the dynamic and complex technology of cryptocurrencies. The exchange argues that unilaterally labeling certain tokens and services as securities, even if other US authorities have claimed jurisdiction, exacerbates existing problems.
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