The post Big Win for Crypto? SEC Admits Error on Digital Asset Classification appeared first on Coinpedia Fintech News
The United States Securities and Exchange Commission (SEC) has been a major source of headwinds for the mainstream adoption of digital assets and web3 protocols. While its primary purpose is to enforce the law against market manipulation, the agency has been accused of overstepping its bounds regarding the cryptocurrency industry.
Furthermore, the crypto community in the United States has raised concerns over colliding legal mandates between the SEC and the Commodity Futures Trading Commission (CFTC).
US SEC Backs Down on Crypto Asset as Securities
In the amended complaint against the Binance exchange, the US SEC highlighted that it regrets any confusion it may have invited by falsely and repeatedly stating that crypto assets are securities. Furthermore, the SEC admitted that although crypto assets may be offered as securities through initial coin offeri
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