SEC defines crypto assets as securities in the US for the first time

U.S. regulation redefines boundary between innovation and regulation

The cryptocurrency market in Brazil and around the world has gained a new regulatory paradigm this week, following theThe United States Securities Commission (SEC)publish the first official guidelines on when a crypto asset should be classified asValue of furnitureThe measure, released amid legal discussions involving currencies such as Bitcoin and Ethereum, sets test-based criteria such asHowey— a traditional tool for evaluating whether an investment qualifies as a tradable securities.

According to the SEC, the central definition revolves around theprofit expectancy generated by third-party business effortsIn other words, if a crypto project relies on a team to develop its utility or value, the currency or token can be considered a title.This interpretation is not new in the U.S., but has never been applied so explicitly to the crypto ecosystem, especially after years of legal uncertainty.

Bitcoin and Ethereum Gain Clearness, But Altcoins Projects Enter the Target

After years of debate, such as the case of theRipple vs. SEC, which defined XRP as non-securities in certain contexts —, the SEC now signals that currencies likeThe Bitcoin (BTC) e and Ethereum (ETH)They do not fall into the category of securities, because they do not depend on a centralized entity for their valuation. however, tokens linked to projects with active governance or specific utility — like manyDeFi e NFTsThey are under greater scrutiny.

The announcement took place in the middle ofDaily Crypto DiscussionIn the Reddit community (r/CryptoCurrency), where users discussed the impact of this regulation on exchanges and developers.by Rodrigo BorgesPartner of the OfficeTozziniFreire LawyersIt should be noted that the measure may have direct implications in Brazil, where theThe Securities Commission (CVM)We closely follow international decisions.

“The SEC is setting a standard that tends to influence global regulators.In Brazil, although there is no specific crypto law, CVM has already imposed fines on cases of unauthorized token offerings.As Borges said.

Impact on the market: exchanges and crypto startups in alert

The market has reacted with moderate volatility to the news.Crypto Fear & Greed IndexFalling from78 to 72 pointsWithin 24 hours, according to theAlternative to meAnalysts ofCoinGeckoExchanges based in the United States, such asCoinbase e KrakenThey have already started reviewing their token listings to avoid legal risks.

In Brazil, aby BitPrecoOne of the major local exchanges, released an internal note calling for caution from its customers:“We are monitoring regulatory changes and advise investors to check the legal nature of each asset before trading.”The measure reflects a global trend: projects that do not fall under securities may have easier to operate in multiple jurisdictions, while those classified as securities face barriers as mandatory registration at the SEC.

A recent example is the case ofby Lido Daowhose tokenLDOThe SEC has not yet made an official statement, but the uncertainty already affects the price of the asset, which has fallen12% in a week.

Brazil on the Route of Regulation: What Changes for Investors?

Although the SEC is an American authority, its decision has international weight, especially for countries like Brazil, which still do not have definitive legislation on cryptocurrencies.Provisional measure 1.171/23, which regulates the sector, is under trial in Congress and may incorporate elements of the new SEC definition.

For the Brazilian investor, the main short-term change is theGreater transparency in the classification of tokensProjects such asDeFi, GameFi e metaphor— which often promise financial return attached to an ecosystem — now face a higher regulatory risk. On the other hand, assets like Bitcoin and stablecoins (such as USDC and USDT) should continue with fewer obstacles.

The Lawyerby André SalemSpecialist in digital law, he points out that American regulation can serve asThe umbrellaDecisions in Brazil:“If the SEC defines a token as security, it is likely that CVM will follow the same path, especially in the case of public offers.”.

Uncertain future: innovation vs. regulatory control

The SEC decision also revived the debate on the balance betweenInnovation is e Protection of InvestorsWhile some argue that regulation will bring more security to the market, others fear it will stifle startups and decentralized projects.

The co-founder ofBrazilian Association of Crypto Economy (ABCripto), by Fernando UlrichHe commented in an interview withThe Bitcoin PortalThe measure can“Avoidance of foreign capital”, as international exchanges can avoid listing tokens with regulatory risk in the US.“Brazil needs to find its own way, without copying models that don’t fit our reality.”He said .

Meanwhile, the crypto community awaits the next steps from the SEC, which is expected to publish a more detailed document in the coming weeks.Documenting all aspects of the projects, especially those related to the governance and utility of the token.

For Brazilians, the lesson is simple: the crypto market is maturing, and regulation, be it American or local, will be a determining factor for the coming years.