SEC withdraws formal definition of crypto assets
The U.S. Securities and Exchange Commission (SEC) has rescinded its previous wording in the definitions of digital assets and hedge funds.
The first version of the rulebook defined "digital assets" as "assets to which distributed blockchain technology is applied, including virtual currencies, coins, and tokens."
The U.S. crypto regulator wrote, "We are introducing a new definition that is consistent with the SEC's recent statement on digital assets. This classification is intended to bring clarity to the understanding of the subject matter."
However, according to ForkLog, the SEC statement says that the Commission is still working on the definition and intends to add it to the Form PF glossary of common terms. As such, the previous paragraph defining digital assets has been removed from the rules.
SEC Chairman Gary Gensler said last September that stackable cryptocurrencies refer to securities based on the Howey test.
In April, Jeremy Hogan, an attorney for XRP, called the regulator's case against Ripple "weak." In his opinion, "it's easier to register heroin in the U.S. than it is to register cryptocurrency."
Earlier, we reported that the details of XRP's lawsuit against the SEC have been made public.
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