The US Securities and Exchange Commission (SEC) has been known for its strict approach towards cryptocurrencies, particularly XRP. However, there is growing concern that the SEC might target Bitcoin (BTC) as well and classify it as a security. Renowned crypto attorney John Deaton has warned that this possibility cannot be ruled out.

Under former chairman Jay Clayton, the SEC exempted only two tokens from being classified as securities: Ether (ETH) and Bitcoin. However, current chair Gary Gensler has expressed a different view, stating that “everything else other than Bitcoin is a security.” This has raised concerns that even Bitcoin might not be safe from SEC scrutiny.

Deaton, who is involved in the Ripple vs SEC case, has been cautioning that no token is immune from the SEC’s actions. He has criticized the agency for using broad language when discussing XRP and other tokens. Deaton’s warning about the SEC potentially classifying Bitcoin as a security is supported by the inclusion of a “kill switch” section in BlackRock’s S-1 filing. The section highlights the adverse impact on Bitcoin’s trading value if it were to be deemed a security.

Deaton’s concerns are based on the fact that the SEC has not taken an official position on Bitcoin or Ether, despite previous statements by senior executives. This lack of clarity leaves room for the SEC to change its stance on Bitcoin in the future.

In conclusion, the possibility of the SEC classifying Bitcoin as a security cannot be dismissed, and the crypto community should remain vigilant.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	1
People	John Deaton
Companies	BlackRock, Ripple, US Securities and Exchange Commission (SEC), None, CryptoLawUS
Currencies	Lido Staked Ether, Bitcoin, XRP
Securities	None