Attorney Jeremy Hogan says SEC should reveal the top 20 cryptos that are securities
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- Hogan says the SEC’s disclosure will provide regulatory clarity.
- A popular lawyer expressed concern about why there is so much ambiguity in the SEC’s regulation of crypto assets.
Pro-Ripple Lawyer and one of the partners of the Hogan and Hogan law firm, attorney Jeremy Hogan, has asked the US Security and Exchange Commission (SEC) to clarify the regulation of the crypto industry. Attorney Hogan recently tweeted that the SEC should clearly identify and report cryptos among the top 20 covered cryptos. According to him, the SEC should not hide its method of identifying the cryptos it considers securities.
“The SEC should go through the top 20 digital assets and declare what are and are not securities. Why the ambiguity?” Attorney Hogan added that the SEC is supposed to protect investors from projects that don’t follow the law. Therefore, it shouldn’t hide the process from the public. The popular attorney joins a group of crypto advocates who have recently made similar calls to the SEC.
The SEC should be able to go down the list of the top 20 cryptocurrencies and tell us what are (and aren’t) securities.
Why does it CHOOSE ambiguity?
Isn’t that supposed to protect us from these projects that don’t follow the law? Tell us! https://t.co/CeT9r1fc6S
— Jeremy Hogan (@attorneyjeremy1) September 2, 2022
Despite calls from many crypto-enthusiasts, the Financial Supervisory Authority has repeatedly ignored such calls. Recently, SEC Director Gary Gensler claimed that he considers Bitcoin to be the only cryptocurrency that is not a security. Gensler explained that investors in many altcoins are looking for a return on their investment like any other financial asset.
Related: Gary Gensler’s SEC filing shows his intent on crypto markets – Report
Therefore, such altcoins are considered securities. In addition, many cryptocurrencies have characteristics that fall within the definition of securities. However, Bitcoin is the only crypto-asset that does not have such characteristics and can be classified as a commodity.
Thailand’s SEC Introduces New Crypto Advertising Rules
The US SEC is not the only regulator trying to regulate the crypto industry. Regulators in other regions do the same. On Wednesday, Thailand’s SEC announced new rules for crypto companies that plan to advertise their products and services. According to the commission’s official statement, there are six new rules for crypto companies.
First, the ad must not contain false or misleading information, including user numbers. The regulatory authority also states that all warnings must be bold enough to be easily read. The warnings must include the benefits and risks for investors.
Thailand’s SEC ruled that certain digital resources may only be advertised through official websites and other restricted channels. But crypto companies can promote their general services through open channels. The final rule states that the Thai SEC will withdraw the practice introduced by brokerage agents.
These agents often refer clients to brokerage services. The announcement states that the new rules will be valid from September 1. The regulator gave crypto companies the next 30 days to adjust their current ads to comply with the new rules.
These new rules are not the first regulation introduced by the Thai SEC. Earlier this year, the regulator banned the use of cryptos in financial bills. Nevertheless, Thailand’s SEC still grants operating licenses to crypto companies. It granted four such licenses last month.