Breaking announcement. SEC lawyer approved that the previous position of the commission regarding cryptocurrencies status wasn’t official. In 2018, they claimed that Bitcoin and Ethereum were not securities. Ripple requested a judge to figure it out and speed things up.
Depends on the decision, its influence on the cryptocurrency market may differ a lot. If SEC approves Bitcoin and Ethereum as securities, cryptos shall be taxable and come under some other regulations. This can drop their prices.
On the other hand, as SEC is the only-American Commission of Securities and Exchange, this may have a temporary effect, with minor speculations. Also, it will shed some light on the SEC image as a decisive party in this field.
- Nevertheless, the following events will open the crypto world from the new side, so let’s wait for further clarifications and news.
BREAKING: Judge grants #Ripple's request for discovery in relation to SEC determinations of $ETH and $BTC to not be securities in regards to external documents. #SEC lawyer says the 2018 speech was NOT an official position that $BTC and $ETH were not securities. pic.twitter.com/DjV5sxccR5— Crypto Whale (@CryptoWhale) April 6, 2021