Oct. 30, 2023
Dear Securitiers and Exchange Commission, Especially in the field of cryptocurrencies, there is still a lot of uncertainty regarding the definition and classification of such assets. To my knowledge, the head of the SEC does not have a clear answer to the question of whether Bitcoin (BTC) is a security or not. Most recently he was asked about this before Congress. So we have no clarity about it. Nevertheless, the SEC is preparing to declare various cryptocurrencies as securities without providing clear evidence or is assuming it without providing sufficient evidence. An example of this is, for example, XRP. In my opinion, the SEC should be able to clearly define what a security is. Since this does not seem possible at the moment, the authority must first be clear about this before making appropriate interpretations and issuing laws and regulations. Therefore my verdict at the current time and in the current situation is: Any rule or law that cannot be implemented must be rejected. Instead, experts from the cryptocurrency sector should sit down with the SEC and look for solutions in which cases and how the crypto market should be regulated. Sincerely, Philip Herrmann