The Securities and Exchange Commission (SEC), an independent agency of the United States federal government tasked with enforcing the law against market manipulation, is not adding a definition for “digital assets” at this time. Despite proposing a definition nine months ago, to a form completed by SEC-registered funds to provide essential information about their fund, Form PF. Initially, which would have been the first official definition by the securities regulator. However, the regulator has now decided against adding the definition for the time being. In a statement, the SEC said: The suggested definition for digital assets described it as an asset “that is issued and/or transferred using distributed ledger or blockchain technology,” encompassing commonly used terms such as “virtual currencies,” “coins,” and “tokens.” The SEC initially proposed the definition to collect more accurate reporting on digital assets, stating: Nonetheless, the latest updates to the SEC’s Form PF rules now do not include the use of the term “digital assets”, launched in response to the US banking crisis. However, including the term “digital assets” is not the only thing SEC seems to be avoiding. Recently, crypto exchange Bittrex had its application for a BitLicense denied in New York.
