• The U.S. Securities and Exchange Commission (SEC) was about to define “digital asset” but deleted it in the final version of a rule, reversing a move that might have started formalizing crypto’s role.
• The Third Circuit Court of Appeals has ordered the SEC to respond to Coinbase’s complaint over how it applies securities laws to digital assets within 10 days.
• The SEC is continuing to consider crypto matters as part of its enforcement actions and rule proposals, despite not formally defining “digital asset” in this particular case.

U.S. SEC Changes Its Mind on Officially Labeling Digital Assets

The U.S. Securities and Exchange Commission (SEC) was about to define “digital asset” but deleted it in the final version of a rule, reversing a move that might have started formalizing crypto’s role.

Third Circuit Court Orders Response from SEC

The Third Circuit Court of Appeals said in a Wednesday filing that the SEC must file its response within 10 days with regards to cryptocurrency exchange Coinbase’s (COIN) complaint over how it applies securities laws to digital assets.

Continued Consideration by the SEC

The SEC is continuing to consider crypto matters as part of its enforcement actions and rule proposals, despite not formally defining “digital asset” in this particular case.

Reaction From Crypto Industry

“The Hash” panel discussed the latest in crypto regulation following the news from the Third Circuit Court of Appeals.

Conclusion

The agency is certainly continuing to consider crypto matters, which have taken an outsized role in both its enforcement actions and its ongoing rule proposals, despite its decision to walk this one back.