Exchange ex says crypto trading as non-securities era is over.

Amid legal action against cryptocurrency exchanges based in the United States, such as Coinbase and Binance.US, an executive from a domestic digital asset firm has commented on the legal implications of recent enforcement actions for the industry.

According to Itai Avneri, the Chief Operating Officer at the blockchain trading firm INX, the era of trading cryptocurrencies as non-securities is coming to a close. Avneri believes that a large number of coins offered for trading on crypto exchanges is one of the main reasons for legal issues.

In an interview with Cointelegraph on June 19, Avneri said, “You cannot continue to trade cryptocurrencies as if they are not securities. Those days are over.” According to the COO, INX outlined this exact idea in its prospectus five years ago. “It’s like we had this crystal ball in our hands,” he added.

Coinbase currently has 241 cryptocurrencies listed on its platform, offering a total of 530 trading pairs. Binance.US still offers 154 cryptocurrencies for trading after managing to compromise on an asset freeze with US regulators. In contrast, INX has only listed five cryptocurrencies since its founding in 2017. These include Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Avalanche (AVA), and Litecoin (LTC), according to Avneri.

Avneri stressed that INX should not be considered as a pure cryptocurrency company since the firm mainly focuses on digitized or tokenized securities. He also added that INX carefully selects which cryptocurrencies it lists for trading on its platform.

Avneri believes that there is an opportunity for thousands of cryptocurrencies to be converted into securities and listed on platforms like INX. “They need to find a way to be listed and to properly register with the SEC as securities,” Avneri stated, adding that he thinks this path will become clearer. He believes that this puts the industry at a unique and turning point.

Avneri also stated that Bitcoin is “definitely not a security,” while there is no clear definition of Ether as such. INX will find a way to list ETH on its platform in case it’s deemed a security one day, according to Avneri.

These latest remarks by Avneri are similar to comments made by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. Gensler argued in September 2022 that most cryptocurrencies are securities. Prior to becoming SEC chair, Gensler also argued that more than 70% of crypto markets are not securities, including coins like Bitcoin, Ether, Litecoin, Bitcoin Cash, and others.

INX positions itself as one of the first companies to conduct a security token offering approved by the U.S. SEC, as previously reported.

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