Cryptocurrency 15 Jun 2018
US Regulator SEC official Ethereum remarks has pushed the top 100 cryptocurencies back to green territory. Will Ethereum be considered a security in the US? This is yet to be seen.
15 June, AtoZ Markets – Following the big slump at the beginning of this week, almost all top 100 cryptocurrencies are back in green. Some of the coins have even recorded around 10 percent gains, with the key reason behind the upward trend being the positive news in regards to Ethereum regulation in the US.
Bitcoin is now trading at $6,623.87, up 1, 69 percent in the 24-hour period. Bitcoin supporters are now also stating that the ex-Chief Strategist for Trump, Steven Bannon, has joined their movement. Reportedly, he has decided to invest a big sum of money into Bitcoin. Previously, he has spoken about launching his own cryptocurrency.
Ethereum, the second biggest cryptocurrency, has seen a 4, 95% increase in value in the last 24 hours. It is now changing hands at $511.38. The altcoin has reacted to the commentary of a senior Securities and Exchange Commission (SEC) that Ethereum is regarded as sufficiently decentralized to not fall under the securities classification under the US law.
SEC Corporation Finance Director William Hinman has also been quoted as saying:
“Based on my understanding of the present state of ether, the Ethereum network, and its decentralized structure, current offers and sales of ether are not securities transactions.”
During recent months, there has been a lot of uncertainty in regards to whether Ethereum can be seen as a “noncompliant” security due to the failure to register its Initial Coin Offering (ICO) back in 2014 with the SEC.
Just last week, the Chair of SEC, Jay Clayton, has stated that he believes Bitcoin is not a security, as well. He explained that Bitcoin acts as a replacement for sovereign currencies. The suggestion that Bitcoin should be regulated as a security has never gained a solid ground.
The clarity in crypto regulation has been also approaching Asia as well. The regulatory body of Thailand, the Securities and Exchange Commission has confirmed that it is ready to approve five ICOs this month.
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