The U.S. securities regulator has made clear with two recent enforcement actions that it views most crypto products and services as securities.
— a common service offered by many in the industry — the regulator has made it clear that some of crypto's biggest names may now be drawn into its crosshairs."This really should put everyone on notice in this marketplace," Securities and Exchange Commission chair Gary GenslerFor a long time, crypto firms debated what the SEC could regulate, centering on which specific tokens were "securities.
What the agency has made clear now — through two recent actions — is that any agreement made by a company to pay an investor a return to hold their assets, is itself subject to its regulation. The SEC's position effectively places many programs offered by crypto exchanges and lenders under its rule, and there is no guarantee that the agency will let them exist, even if a company sought to register them.Much like a traditional banking customer can earn interest or yield for their dollar deposits, crypto investors can do it in a variety of ways.to depositors by lending out their assets to other borrowers, and passing on a portion of the profits.
Providers of staking services, like Kraken, also offer depositors a return, generally by pooling their assets together and redestributing rewards earned from verifying transactions that require "staked" tokens.The SEC's complaint against Kraken was significant in that Gensler is now saying these are distinctions without a difference."Whether you call it lend, whether you call it earn, whether you call it yield...
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