SEC vs BTC? Former SEC Attorney Says BTC Is a Security

According to a recent tweet by John Reed Stark, former director of the Securities and Exchange Commission’s Office of Internet Enforcement, bitcoin may trade as an unregistered security.

Starc reacted after seeing a message on Twitter Ethereum Regarding the concentration of supporter Evan Van Ness Bitcoin mining industry.

“And once more, why doesn’t bitcoin qualify as a security that has to be registered with the SEC?”

John Reed Stark. former sec attorney

Van Ness said on Twitter that only five companies, AntPool, FoundryUSA, F2Pool, ViaBTC and Binance, had mined 850 of the last 1,000 blocks on the bitcoin network. According to statistics, these companies produce more than 80% of all blocks, and more than 50% of that production is split between Antpool and FoundryUSA.

Bitcoin supporters were delighted when US Securities and Exchange Commission Chairman Gary Gensler restated his firm belief that bitcoin (BTC) is a commodity earlier this year. Gensler’s comments supported the view that bitcoin should be viewed separately from other tokens classified as “crypto” as previously held.

Is the SEC Coming for Crypto?

The SEC Currently Engaged in Litigation for Ripple Has Several Litigations Headlines Coming to individual crypto entities, specifically its ongoing affair with Ripple and its recent attack on Hex. A recent statement from a former SEC official could ignite another SEC attack on bitcoin.

With anticipation of what the verdict will be, John Deaton, a pro-XRP activist and cryptocurrency advocate, has asked his followers how they expect the SEC v. The Ripple lawsuit will end. Most people now think that the matter will end in a settlement, not a verdict.

Amid all the drama, it’s hard to predict the SEC’s next move. 2023 will be an interesting year for crypto regulation and could prove to be a watershed year for US-based crypto investors as the SEC creates new rules.

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