Predictions surmise that the US digital asset industry may experience a second wind of life as courts begin to balance out the perceived aggression of the authorities. According to Jeremy McLaughlin, a digital asset lawyer, recent courtroom losses to the Securities and Exchange Commission (SEC) hint towards a potential resurgence.
His view is based on numerous US court cases that have effectively watered down the arguments of the SEC chief, Gary Gensler, who firmly believes almost all digital assets should be considered securities. He argues this stance has led many companies to withdraw from the US due to the perceived aggressiveness of the SEC.
The recent court cases that have not gone in favour of the SEC offer a spark of hope for the future of the industry in the US. The regulatory body has had its complaint against a crypto firm dismissed in court, and has lost a legal case where it was sued by a crypto firm. This backs up the optimism expressed by McLaughlin.
However, he also admitted to the challenges of operating in such a contentious landscape, explaining that it can be difficult to provide clear advice to clients. Despite this, the general outlook appeared to be one of cautious optimism.
Remaining tangible challenges are noted in the form of countries like Australia, where crypto regulations are deemed to be “lagging”. There are concerns that this could impact businesses operating with digital assets on the ground within the country. It is deemed that Australia is falling behind in the face of new regulatory frameworks emerging in places like Hong Kong and the European Union.
The country is reportedly plagued by uncertainty, with many regulatory assurances promised but yet to be realized. Local crypto firms reportedly struggle to secure sound legal advice due to the fluctuating nature of the industry; a predicament that only reinforces this characterization of Australia as “lagging”.
In summary, the US appears to be experiencing a glimmer of optimism in the realm of crypto regulations following a period of perceived regulatory aggression. Meanwhile, countries such as Australia must endure ongoing uncertainty and await the necessary changes. While some countries gear for resurgence, others contend with legislative inertia. Clearly, the narrative of global crypto regulations is far from a universal tale.
Source: Cointelegraph
