There’s two things that strike me about the SEC’s thinking.
First, the SEC is really ramping up. We still don’t have any kind of formal rulemaking process directing crypto trading platforms to register as securities exchanges, but the agency is clearly building up a set of precedents. Remember, the SEC’s inquiry to Grayscale comes alongside the SEC calling nine other cryptocurrencies securities just a few months ago.
he other thing is just which cryptocurrencies are listed. Grayscale offers trusts with exposure to all sorts of cryptos: basic attention token (BAT), bitcoin cash (BCH), Decentraland’s MANA token, ethereum classic (ETC) and so on. The SEC specified ZEC, ZEN and XLM.
‘Enforcement 40’ for 2020
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