Lawyer Thinks Crypto Could Make a Comeback in the US as Courts Limit SEC’s Control
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Speaking on a panel at Intersekt23 in Melbourne, legal expert Jeremy McLaughlin sheds light on the U.S. digital asset landscape and suggests a potential renaissance is underway. Meanwhile, in the past few months, the corridors of the courtroom have witnessed a series of game-changing rulings, causing seismic shifts in the regulatory terrain.
SEC’s Grip Loosens, The Hopeful Dawn for U.S. Crypto
McLaughlin’s analysis sheds light on a series of courtroom confrontations that have dealt blows to the SEC. These battles have resounded with decisive losses for the Commission. One such clash involved a crypto enterprise challenging the SEC’s stance.
Additionally, Grayscale Investments locked horns with the SEC and emerged victorious. Notably, a District Court judge’s verdict rejected the SEC’s effort to halt Grayscale’s Bitcoin fund’s transformation into an exchange-traded fund.
Furthermore, in July, the SEC suffered a partial setback in its legal battle with Ripple Labs regarding XRP sales. A judge’s ruling indicated that XRP wasn’t classified as a security when sold to retail traders.
Sharing his perspective, McLaughlin expressed the complexities of advising clients amidst such uncertainty but also highlighted the glimmer of hope emerging from this regulatory turmoil.
A Globe in Motion, But Australia Lags Behind
Speaking to another facet of the discussion, panelists weighed in on Australia’s crypto regulations compared to other regions.
Effie Dimitropoulos, Chief of Novatti, had a single word to describe it: “Lagging.” She pointed to Hong Kong and the European Union, showcasing how Australia’s regulations were trailing behind.
She supported her claim by pointing out the progressive regulatory frameworks in Hong Kong and the European Union, suggesting that Australia’s crypto regulations were falling behind.
Dimitropoulos further highlighted the pain points for local crypto businesses struggling to navigate constantly shifting legal advice. With new regulations on the horizon, including the Australian Securities and Investments Commission’s involvement and Senator Bragg’s bill, the Australian crypto landscape might soon be gearing up for its own transformation.
