If decades-old securities laws are still applied, crypto assets (virtual currencies) could be classified as securities, Bernstein said in a research report dated June 12.
However, the view that all tokens other than Bitcoin (BTC) are securities is based on the fact that “blockchain networks have achieved decentralization over time and tokens have functional utility within the network”. , said analysts led by Gautam Chhugani.
The question of whether crypto assets are securities or commodities is at the heart of the lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against exchanges Binance and Coinbase, Bernstein said in a report last week. says in
Regulators announced last Monday that they would be suing Binance US operator Binance and its founder, Changpeng Zhao, AKA CZ, for allegedly violating federal securities laws. A day later, it sued rival exchange Coinbase on similar charges.
The crux of the question is whether countries should use securities laws that would have been enacted decades ago. If used, “the purpose of blockchain networks is to increase transparency, reduce settlement times to instants, eliminate middlemen, enable automation and cost savings, and provide global liquidity and interoperability.” and fail to recognize that it is about transforming decades-old financial and securities market systems,” the report said.
According to Bernstein, this divides the nations of the world, and the rest of the world sees this as an opportunity to attract talent and capital.
Leading measures by the UK, Europe, Hong Kong, Singapore and the Middle East seek to gain an edge and become a cryptocurrency hub, but the US is grappling with regulatory uncertainty, the report says. ing.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Classifying Crypto Tokens as Securities Will Hamper Some Blockchains’ Decentralization Efforts, Bernstein Says