There are also rules about how securities can be traded. If a product is a security, it needs to follow strict rules - for example, in how it reports information. Without getting too tied up in the details, the discussion over whether some cryptocurrencies are actually securities is key to several of the regulatory tangles faced by the industry. More: Check out our updated list of best crypto apps including one offer with a $100 crypto bonus But the SEC argues that some projects are actually securities, and should instead fall under its jurisdiction. Most cryptos currently count as commodities and come under the purview of the CFTC. The Commodity Futures Trading Commission (CFTC) and the SEC both play key roles. There are various agencies involved in cryptocurrency regulation in the U.S. The difference between cryptocurrencies and securities It's one of many cryptos that grew enormously in 2021, with an increase of over 1,200% across the year. It's also used to pay transaction fees on the Binance Smart Chain. Investors can use BNB to pay trading fees on the Binance platform, as well as paying for goods and services. The popular cryptocurrency exchange launched its Binance Coin in 2017. The Bloomberg report quoted anonymous inside sources, but the investigation has not been officially confirmed by the SEC or Binance. According to Bloomberg, investigators will probe whether Binance should have registered its initial coin offering (ICO) as a security sale. Check out our picks for best crypto apps (Bonuses, $0 commissions, and more)īinance Coin (BNB) was down 8% this morning on news reports of a possible Securities and Exchange Commission (SEC) investigation.
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