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SEC Confirms That Ether and Similar Cryptos Likely Aren't Securities

Source: Coin Center

The cryptocurrency advocacy group Coin Center confirmed with U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton a commission staff finding that ether and similar cryptocurrencies likely do not qualify as securities. This appears to be based on an understanding by the SEC that cryptocurrencies may be first sold as securities but that designation is flexible based on how it advances.

"A digital asset may be offered and sold initially as a security because it meets the definition of an investment contract, but that designation may change over time if the digital asset later is offered and sold in such a way that it will no longer meet that definition," Clayton wrote in response to an inquiry from U.S. Congressman Ted Budd, per Coin Center.

Any cryptocurrency that is deemed to be a security by the SEC would fall under a complex set of regulations.

A Former CFTC Chairman’s Plan for Federal Crypto Regulation

Timothy Massad, the former chairman of the Commodity Futures Trading Commission (CFTC), has outlined a case for better (read: stricter) federal crypto asset regulation in a substantial report for the Brookings Institute, “It’s Time to Strengthen the Regulation of Crypto-Assets.”

Square to Hire Full-Time Team of Open-Source Bitcoin, Crypto Contributors

Source: Twitter

Jack Dorsey, founder and CEO of social media giant Twitter and mobile payments company Square, announced that he is hiring a handful of full-time employees for the latter who will work on open-source contributions to the Bitcoin and cryptocurrency ecosystem. He added that the work done by this team, made up of three or four engineers and one designer, will be independent of Square's business objectives and all resulting work will be open and free.

Will #DeleteCoinbase Hurt Cryptocurrency Adoption?

There has been no shortage of news regarding trust issues in the cryptocurrency sphere. For example, the recent death of QuadrigaCX CEO Gerry Cotten revealed that he personally held the keys for the company’s reserves and they were lost, leaving platform users dependent on the Canadian justice system for a solution.

Huobi Introduces Coin Launch Platform

Source: Huobi

The Singapore-based cryptocurrency exchange Huobi has announce that "Huobi Prime," a coin launch platform, will go live on March 26. The service will allow professional and retail investors to purchase new cryptocurrencies before they are listed more broadly and potentially at lower costs. The announcement appears to compete with Binance's Launchpad service.