So said William Hinman, director of the division of finance at the U.S. Securities and Exchange Commission (SEC) at a Yahoo! All Markets Summit event in San Francisco yesterday. As you would possibly expect if you’ve been following 2018’s regulatory drama, the web crypto community subsequently exploded with commentary.
The big deal? The implication is that the world’s second-largest cryptocurrency isn’t currently running afoul with the law (at least now), which the SEC could also be preparing to melt its approach to the world generally .
That’s just the tip of the iceberg though, and immediately blog posts started arising opining on the topic .
Advocates for cryptocurrency took it as an affirmation of their views on law , while legal experts who expected the SEC to return down swiftly on the industry were more bewildered.
“The SEC has just abdicated responsibility for enforcing securities laws within the us ,” approximately wrote blockchain entrepreneur and U.K. lawyer Preston Byrne.
The serious responses
Still, the important ramifications aren’t exactly known.
Hinman’s statements, while instructive, don’t represent a ruling. As a spokesperson for Coin Center told CoinDesk, it’s best seen as “a speech by the director of the division that the majority directly makes policy handling this question.”
Byrne also acknowledged to the investors that it’s still too early to celebrate.
The takeaway from this side of crypto Twitter? Compliance may be a long game. Plan accordingly.
And there’s definitely merit to the present view.
In his full remarks, Hinman also explained how the SEC might make such decisions, and he didn’t exactly say there wouldn’t be any enforcement.
That said “instructive” could be the proper word.
As ny Times reporter Nathaniel Popper reminded us, albeit we didn’t get a ruling, we did get a window into SEC thinking on the difficulty that goes a touch beyond what they’ve issued before.
Still, to some, this left a sense that following the law wasn’t the simplest choice.
Time To Party? (!)
Nevertheless, crypto Twitter didn’t pass up the prospect to party, a sentiment that was largely influenced by market performance.
The price of ether surged immediately following the news about 8.8 percent, consistent with the CoinDesk Bitcoin price level , as did many other coins. Not such a surprise given most tokens are now issued on top of ethereum.
Still, even bitcoin’s price rose on the news, a development that put a stop to what was otherwise a dreary Wednesday within the normally irreverent land of crypto Twitter.
SEC ANNOUNCES ETHER NOT A SECURITY
7:55 PM – Jun 14, 2018
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In a word, a wave of bullishness skilled the web .
Some, however, took the takeaway a touch too far.
As always, the tweets are a reminder of an old axiom: Be #craeful what you read on crypto Twitter!