- SEC finally admits cryptocurrencies as non-securities
- Top crypto leaders react to this news
The crypto community has gone buzzing after the US SEC, formerly the crypto industry’s biggest enemy in the US, released a press release in which it announced certain coins that are not classified as digital securities.
Aside from the two largest cryptocurrencies, Bitcoin and Ethereum, it includes the long-argued-over XRP, as well as SOL, DOGE, XLM, and Shiba Inu. Several top figures in the space have stepped forward on X to express their joy on this issue. The regulator named sixteen coins as examples of digital commodities.
SEC finally admits cryptocurrencies as non-securities
The regulator published a press release to clarify the legal status of certain crypto assets and transactions involving them, according to federal securities laws. This is yet another attempt by the SEC to provide greater clarity regarding the official position of the agency and its treatment of digital assets.
The Commodity Futures Trading Commission (CFTC) has joined in on this remarkable move. The major idea of this press release is totally opposite to what the previous SEC administration claimed, namely, “most crypto assets are not themselves securities.”
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According to the document, whose details were shared by the Chinese journalist and crypto insider Colin Wu, the following crypto assets have now officially received the status of digital commodities: Bitcoin, Ethereum, Bitcoin Cash, Cardano, Chainlink, Litecoin, Stellar, Solana, XRP and a few others. The list also includes two major meme cryptocurrencies — Dogecoin and Shiba Inu.
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Top crypto leaders react to this news
One of the first to share their reaction to this remarkable twist with the X audience was the former Binance boss, Changpeng Zhao (CZ), and Ripple’s chief legal officer, Alderoty.
CZ called this announcement a “huge step for the crypto industry,” praising this act of clarity by the SEC and CFTC. CZ revealed that he would be on a virtual stage of the DCB Blockchain Summit today, on March 18, to give a wider comment on this move and speak about the crypto industry’s future in the U.S.
Stuart Alderoty also expressed satisfaction about the SEC’s decision, saying, “We always knew XRP wasn’t a security,” but a digital commodity. He expressed his thanks to the Crypto Task Force for “working to deliver the clarity that markets, investors, and innovators have long deserved.”
The official SHIB marketing lead, Lucie, also published a tweet to celebrate the official status of SHIB as a digital commodity.