It's Complicated: Why the SEC Forgoes Rulemaking in Crypto-Security Fights
The SEC dismissed industry petitions to bring forth a rulemaking proposal about what cryptocurrencies are securities. But the agency sees no need for more rules, instead preferring to elicit clarity in case-by-case litigation.
If it walks like a duck and it quacks like a duck and it is enforced like a duck—is it a security?
The question has plagued the digital assets industry for as long as the U.S. Securities and Exchange Commission (SEC) has taken an interest in it—an interest that has only gained traction over the years.
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