Pro-XRP Lawyer & Bloomberg Analysts Slam US SEC’s ‘Crypto Asset’ Remark

In the ever-evolving world of cryptocurrencies, the U.S. Securities and Exchange Commission (SEC) has once again stirred the pot, leaving the industry grappling with uncertainty. Meanwhile, pro-XRP lawyer Bill Morgan and analysts from Bloomberg have taken to the X platform to express their concerns and opinions on the SEC’s recent move regarding the nomenclature of cryptocurrency assets.

Notably, the debate intensifies as regulatory ambiguity persists, with key players questioning the SEC’s clarity and actions.

US SEC’s Cryptic Crypto Classification Faces Backlash

In a recent twist, the SEC’s alteration of terminology from “digital asset securities” to “crypto asset securities” has spurred criticism from crypto market enthusiasts. Meanwhile, Tony Edward, founder and host of the Thinking Crypto Podcast, questions the SEC’s ambiguity on “crypto asset securities”, highlighting a lack of clear guidelines.

He calls out the SEC Chair Gary Gensler, emphasizing his inability to definitively classify Ethereum as a security or not. The post underscores the ongoing challenges in regulatory clarity within the crypto space.

On the other hand, pro-XRP lawyer Bill Morgan shared Tony Edward’s post, throwing a spotlight on the SEC’s recent decision to rebrand “digital asset securities” as “crypto asset securities.” In his X post, Morgan criticized the move, highlighting the SEC’s lack of explanation behind the change.

According to him, the term “securities” in this context lacks legal grounding and is intentionally misleading. The SEC, having spent 12 years regulating the crypto space, faces scrutiny as it struggles to articulate the rationale behind this terminology shift, he added.

Also Read: Elon Musk’s X Explores Amazon Partnership Amid Advertiser Exodus, What’s Next?

Bloomberg Analysts Also Join the Party

Bloomberg ETF analyst Eric Balchunas and his colleague James Seyffart have also added their voices to the discussion. Balchunas observed the SEC’s recent posts on educational materials and warnings on crypto investing, drawing parallels to the agency’s actions “ahead” of the ProShares’ Future BTC ETF ‘BITO’.

On the other hand, Seyffart, reacting with a GIF, implied skepticism, hinting at the potential significance of this pattern. As the regulatory board engages in educational outreach, Bloomberg analysts raise questions about the potential implications for the crypto market.

Meanwhile, the debate sparks with the SEC’s recent investor alert on the X platform, cautioning against the risks associated with “crypto asset securities”. The shift in the regulatory board’s terminology from “digital asset securities” to “crypto asset securities”, with any proper information has spurred discussions.

Notably, as stakeholders grapple with the evolving regulatory landscape, the SEC’s actions continue to elicit scrutiny and commentary from various corners of the cryptocurrency community.

Also Read: FTX And Alameda Moved $23 Mln Worth Of ETH, SOL And Other Tokens To Crypto Exchanges

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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