Key facts:
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For Gensler, airdropping is like giving away shares in a company.
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Lawmakers call for clarity from SEC on how it regulates crypto assets.
The U.S. Securities and Exchange Commission (SEC) has made it clear that it considers Cryptocurrency airdrops to be securities offerings and that companies distributing them could therefore be subject to strict regulations.
To make this categorization, agency officials appeal to securities laws, enacted in the United States in 1930, when they only applied to stocks and bonds, but 90 years later it remains the basis for regulating assets created and launched to the world in 2008, with the birth of Bitcoin/” target=”_blank” rel=”noreferrer noopener”>Bitcoin.
So based on those laws, current SEC Chairman Gary Genler claims that All digital assets qualify as securitieswhich invariably implies that the airdrops, the practice of distributing free tokens, are subject to securities law.
The SEC says that when companies give away free tokens, it’s like offering a piece of the company, just like stock, and companies must follow the same rules as if they were selling stock.
The SEC believes that US securities laws are appropriate for regulating the cryptocurrency industry. Source: X/Gary Gensler.
The federal agency’s stance has opened up a debate over whether cryptocurrency airdrops should be considered securities, and in the midst of it, Texas-based Beba has asked a court to decide whether the SEC is right, relying on a law that allows it to act before being charged if it has good reason to believe it could be unfairly targeted.
The American company had carried out an airdrop of its BEBA token for marketing purposes and in a request to the court He explained that, Unlike traditional values, In an airdrop there is no financial investment involvedthis being a key component of the Howey Test used to determine whether an asset is a security.
“Users do not pay for tokens. They are distributed free of charge to perform simple tasks. Therefore, the BEBA token is not an investment contract,” the company representatives argued.
Lawmakers demand clarity from SEC on cryptocurrency airdrops
Now, in a letter sent On Tuesday, SEC Chairman Gary Gensler was joined by Republican lawmakers Tom Emmer and Patrick McHenry, are urging the SEC to provide clarity on the regulation of cryptocurrency airdropsThey are asking the agency to clarify whether airdrops fit the Howey test, which determines whether a freely distributed token can be considered a securities offering.
Lawmakers have asked Gensler to respond to their letter by Sept. 30. The timing is crucial, given that it all comes as the House Financial Services Committee has called on the five SEC commissioners to NFT-valores-criptomonedas/” target=”_blank” rel=”noreferrer noopener”>a supervisory hearing scheduled for September 24, where Current regulations on cryptocurrencies are expected to be discussed.
They also question why airdrops should be treated differently than other common rewards programs, such as airline miles or credit card points, which are frequently given away.
This request comes in a context of growing debate on the regulation of the cryptocurrency industry andIn the United States, especially since the SEC’s actions have been criticized by both lawmakers and industry players. Pressure for greater regulatory clarity is intensifying to such an extent that rumours are growing that Gary Gensler will be removed from his post.
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