State of New Jersey has proposed that all cryptocurrencies sold to institutions be recognized as securities
Earlier, the head of the federal securities regulator stated that bitcoin does not belong to this category
07.12.2023 - 13:12
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What’s new? A bill has been submitted to the New State Jersey Assembly that proposes to recognize all cryptocurrencies issued and sold to institutional investors as securities. The document was co-authored by a member of the House of Representatives, Herbert Conway, who is a member of the Democratic Party. The bill has been referred to the Financial Institutions and Insurance Committee for a public hearing and vote. If approved, it will be sent to the full Assembly.
What else is known? If the bill passes, all institutional sales of cryptocurrencies will be subject to regulations by the local Bureau of Securities in the Division of Consumer Affairs. That said, Gary Gensler, the chairman of the federal Securities and Exchange Commission (SEC), has previously stated that all cryptocurrencies except bitcoin could be recognized as securities.
In addition, in July of this year, the SEC partially lost a lawsuit against fintech company Ripple, the subject of which was the status of the XRP token. The regulator argued that the IPO should have been registered as a securities offering. The court ruled that XRP is not a security in and of itself when sold to retail investors through digital exchanges.
However, the court recognized past direct sales of XRP to institutional clients as an investment contract.
Earlier, US Senator Ted Budd introduced a bill that would prevent federal agencies from imposing rules prohibiting the use of non-custodial wallets. The initiative is aimed at enabling the self-storage of cryptocurrencies by retail investors.
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