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SEC Declares Fully-Backed Stablecoins As Non-Securities
The US Securities and Exchange Commission (SEC) has recently issued new guidelines regarding stablecoins, sending shockwaves throughout the cryptocurrency market. In a move that has sparked both excitement and criticism, the regulatory body declared that fully-reserved stablecoins are not considered securities, thus exempting them from transaction reporting requirements.
Token Metrics founder Ian Ballina hailed the decision as a “clear step in focusing on what really matters in the crypto space.” Vemanti CEO Tan Tran wished for this step to have been taken years ago, and Midnight Network’s Ian Kane praised it as progress for crypto participants trying to comply with the rules.
Source: https://cryptotale.org/sec-declares-fully-backed-stablecoins-as-non-securities-david-sacks/
