Head of corporate finance at SEС in the United States William Hinman said that bitcoins and Ethereums are not securities and the corresponding law will not apply to them. This is reported by Bitnotovosti.
William Hinman during the Yahoo Finance’s All Market summit noted that representatives of the Securities and Exchange Commission (SEC) had already come to the conclusion that the cryptocurrency is different from the securities and does not meet the criteria prescribed in the law. Therefore, the Regulator will not change the existing law on securities, but adopt current market rules. Thus, it can be said that a separate law will be adopted with respect to the cryptocurrencies regulation. A similar position was adopted by the SEC with respect to the primary placement of tokens (ICO).
However, during the speech, William Hinman said only about bitcoins and ethers and did not say anything about Ripple coins, which are more like securities. Actually, because of this, Ripple filed a class action lawsuit in court.
Specialists note that in case of recognition of bitcoins and ethers by securities, panic would begin in the market. Nevertheless, the words of William Hinman led to an increase in the rates of cryptocurrencies. Source: innov.ru