From NASDAQ.:

A federal judge raised concerns about the lack of united regulation addressing crypto, and whether the U.S. Securities and Exchange Commission’s view on securities law and crypto is valid. Judge Amy Berman Jackson questioned SEC attorneys about the need for legislation and regulation to cover crypto trading platforms. Neither Congress nor the federal courts have made definitive determinations on whether certain cryptos are securities or commodities. The lack of consensus on crypto regulation may need to change. The judge’s comments and questions suggest the need for a change in the regulatory landscape.

Federal judges questioned the SEC and crypto exchanges (Coinbase and Binance) about whether the federal agency has any sort of case against the crypto trading platforms. Judge Jackson expressed concerns about the lack of a uniting regulation addressing crypto, emphasizing a need for a consensus in the regulatory landscape. She addressed whether the SEC has contradicted itself on its position regarding cryptos as securities since 2017.

Judge Failla wrote in an order last September that neither Congress nor the federal courts have made any “definitive determination[s]” on whether certain cryptos are securities or commodities. This raises concerns about the lack of consensus on whether cryptos are securities or commodities. Judges have communicated the need for a cohesive regulation and consensus regarding crypto, suggesting that Congress may need to pass legislation to address crypto regulation and redefine the SEC’s jurisdiction.

The lack of definitive determination on whether cryptos are securities or commodities raises concerns about the regulatory landscape. Judge Failla expressed that neither Congress nor the federal courts have made any definitive determinations on this matter. The lack of consensus on this issue may necessitate regulatory changes to resolve conflicting decisions on the classification of cryptocurrencies. This suggests the need for Congress to play a role in redefining the SEC’s jurisdiction in the crypto industry.



Read more: What’s Uniting the SEC’s Crypto Cases