Does Crypto Have a Jurisdiction?
Hello crypto enthusiasts, been a while here but its good to be back. So today the question on ground is, does crypto have jurisdiction? We already know that crypto or digital currency has become a global thing, sensation or phenomenon that can’t be ignored anymore. There have been different methods in which people use or get hold of cryptocurrency and new ways are being developed every day.
Talking about ways people get crypto, it can be gotten through buying, mining, staking or even performing any tasks giving by the project and in turn getting their token. For example, sweat coin, as the name implies you must work for it to earn it, like walking long distance or performing exercises and then it keeps track of the activities and reward you in sweat tokens.
Does crypto have jurisdiction?
I was going through crypto news headline, and I saw where The Securities and Exchange Commission (SEC) filed a lawsuit against a crypto influencer because the crypto influencer promoted an unregistered security through an ICO. With SEC filing for lawsuit and poke nosing in crypto activities, does it disrupt or ignore the decentralized nature of crypto?
Does it also mean that cryptocurrency now has or tied to a jurisdiction? Because if it does it defeats the whole purpose of decentralization and means the SEC has control over who can and can’t promote crypto, and what they can and can’t do before promoting it. Well of course, some people weren’t happy with the lawsuit filed by SEC.
What really stood out and provoked some crypto enthusiasts was when the chairman of SEC Gary Gensler announced that proof of stake (PoS) cryptocurrencies will now be considered as securities and this announcement was made after the Ethereum merge. He also stated that crypto need to face and abide by the SEC rules better or face the consequences. “Rules,” in crypto?
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