The United States could be seeing a resurgence in the crypto industry after several rulings this year have seen court judges “rein in the SEC,” according to a digital asset lawyer from K&L Gates. Jeremy McLaughlin, a partner at the global law firm, noted that multiple U.S. court cases have challenged the Securities and Exchange Commission’s (SEC) stance that almost all digital assets are securities.McLaughlin was speaking on a panel at Intersekt23 in Melbourne alongside payment services firm Novatti chief Effie Dimitropoulos and Invest Hong Kong fintech head King Leung. He said early crypto regulation happened at the state level and was “pretty clear what you needed to do” but after the SEC and the Commodity Futures Trading Commission got involved “a lot of the market started to close up.”In recent months the SEC has been handed a loss in a suit it brought against a crypto firm and also lost a suit a crypto firm brought against it. On Aug. 29 a U.S. District Court judge ruled against the SEC over Grayscale Investments being denied its application to convert its flagship Bitcoin fund into an exchange-traded fund. In July, the SEC also took a partial loss in its case against Ripple Labs over XRP sales when a judge ruled it wasn’t a security when sold to retail traders.The panelists were asked about their thoughts on the state of Australia’s crypto legislation, compared to others. Novatti’s Dimitropoulos had one word: “Lagging.” She highlighted the overhead needed for local crypto firms to get legal advice “that could be defunct in three minutes’ time.” She said there were many pieces still in play with no clear resolution as to when it’s going to happen. McLaughlin added that it was difficult to advise clients and he couldn’t give them clear answers. However, he does see hope that crypto regulations are emerging from the “pit of chaos.” He said that finally, there are cases that are being filed and the decisions have been going strongly in the favor of the digital asset industry.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Australia |
| Countries | 🇺🇸 🇭🇰 🇦🇺 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Gary Gensler, Effie Dimitropoulos, Jeremy McLaughlin, King Leung, Senator Bragg |
| Companies | Invest Hong Kong, K&L Gates, SEC, Novatti, CFTC |
| Currencies | Ethereum, XRP, Bitcoin |
| Securities | None |
