The U.S. Securities and Exchange Commission recently filed cases against major cryptocurrency exchanges Binance and Coinbase alleging they operate as unregistered securities broker-dealers, securities exchanges, and securities clearinghouses.
In a Dow Jones MarketWatch personal finance column analyzing the potential application of securities laws to cryptocurrencies, litigation & enforcement counsel Mark Cianci explains that two of the biggest cryptocurrencies, bitcoin and Ether, are widely viewed as non-securities.
Mark also notes that, out of the several thousand cryptocurrencies in the market, regulators have specifically challenged only a small fraction of them as alleged unregistered securities, and courts have classified an even smaller fraction of them as such.
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