🧵 CONFUSION ABOUT "SECURITIES"?
For years, the #SEC (U.S. Securities and Exchange Commission) has claimed that many cryptocurrencies should be regulated as #securities (securities), applying the famous "Howey test." This legal rule determines whether an asset is an investment under state supervision, considering factors such as expectation of profit and effort by third parties.
But this week, Paul Atkins —former SEC commissioner— dropped a bombshell: "Most cryptocurrencies are not financial securities." He said this during the launch of the "Crypto Project," pointing out that the lack of clarity has led some projects to treat their tokens "just in case" as securities, when they really are not.
💥 Such statements have a strong impact: on one hand, they fuel hope for more flexible regulation; on the other, they expose the deep confusion that reigns among developers, investors, and institutions. Many are operating in uncertain territory, not knowing whether their projects violate any rules or not.
📉 This regulatory ambiguity affects market confidence. Institutional investment slows down, prices become more volatile, and users feel insecure. Until there are clear rules, the ecosystem will continue to navigate between technological advancements and legal doubts.
