Bernstein published the report on the results of the classification of crypto assets as securities.
Bernstein said in his research report published Monday, June 12, that the classification of cryptocurrencies as securities could hinder decentralization efforts of some blockchains. However, analysts led by Gautam Chhugani noted that the view that all assets other than Bitcoin are securities leaves no room for blockchain networks to achieve decentralization over time and for assets to have a functional utility within the network.
The report states that the US is lagging behind on regulation
Bernstein said in a report published last week that the question of whether crypto assets are securities or commodities is at the center of the SEC’s lawsuits against Binance and Coinbase.
The regulator announced on Monday that it is suing Binance, Changpeng Zhao, and Binance.US for alleged violations of the law. A day after the Binance lawsuit, the SEC sued Coinbase on similar charges.
According to Bernstein, the question is whether countries should use securities laws to categorize cryptoassets without realizing the blockchain’s efforts to transform existing financial systems.
The report says this divides the world into jurisdictions that see it as an opportunity to attract talent and capital.
The report also noted that the progressive steps by the UK, Europe, Hong Kong, Singapore and the Middle East are an attempt to gain an edge as the US deals with regulatory uncertainties.
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