RATE Group | Watershed Moment? SEC Confirms Bitcoin is a Non-Security
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Watershed Moment? SEC Confirms Bitcoin is a Non-Security

06 Oct Watershed Moment? SEC Confirms Bitcoin is a Non-Security

Posted at 06:39h in Bitcoin News by

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SEC Says Conclusion That Bitcoin is a Security is “Incorrect”

The Bitcoin space has just experienced a watershed moment, at least from a legal standpoint.

In a letter published on October 1st, 2019 — brought to the attention of cryptocurrency investors by Philip Liu of Arca, a crypto asset investment advisory firm — the U.S. Securities Exchange Commission (SEC) finally gave a concrete stance on its thoughts on Bitcoin.

In that letter, Cipher Technologies Bitcoin Fund, which was filing a registration to the SEC in hopes of becoming an investment company, argued that Bitcoin was a security.

The SEC begged to differ, with agency staff writing that they believe the leading cryptocurrency doesn’t fit the description of a security as defined by the Howey Test and…

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