Bitcoin Cash

Future

Bitcoin

Impact

The U.S. Securities and Exchange Commission (SEC) continues its aggressive crackdown on cryptocurrency companies. In a recent announcement, popular crypto trading platform eToro was fined $1.5 million and restricted to offering services only for Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH).
<h2 id="crypto-regulation-news">Crypto Regulation News</h2>
The SEC has long maintained that most cryptocurrencies are securities. As part of its ongoing legal battle, the agency has been filing lawsuits against <a href="https://www.turkishnyradio.com/major-bitcoin-exchange-delists-9-altcoins-prices-plummet/" target="_blank" rel="noopener noreferrer nofollow">crypto exchanges</a> and trading platforms, forcing them to either halt services or comply with strict regulations. Today, the SEC made a landmark decision, declaring that eToro can only operate with a limited selection of crypto assets, specifically BTC, BCH, and ETH.
The SEC’s statement reads:
“SEC’s decision shows that since 2020, eToro has been offering unregistered securities to U.S. customers. Operating as a broker-dealer and clearing agency, the platform failed to comply with federal securities laws.”
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-14795" src="https://www.turkishnyradio.com/wp-content/uploads/2024/09/btc-usd-tny.png" alt="btc usd tny" width="1408" height="677" title="SEC Restricts eToro to Offer Only BTC, BCH, and ETH Services 24" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/09/btc-usd-tny.png 1408w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/btc-usd-tny-768x369.png 768w" sizes="(max-width: 1408px) 100vw, 1408px">
<h2 id="the-impact-on-etoro-and-u-s-crypto-users">The Impact on eToro and U.S. Crypto Users</h2>
This ruling significantly limits the assets available for U.S. customers on eToro. Users will only be able to trade Bitcoin ($58,175), Bitcoin Cash ($336), and Ether on the platform. This decision reflects the SEC’s view that these three cryptocurrencies are classified as commodities, not securities—a stance the regulatory body has maintained in similar rulings.
The implications for eToro users are clear: U.S. investors will be restricted to trading just three major assets, cutting off access to the wide array of altcoins previously available. This restriction is part of a broader SEC effort to bring more of the cryptocurrency market under its regulatory control.
<h2 id="what-this-means-for-the-future-of-crypto-in-the-u-s">What This Means for the Future of Crypto in the U.S.</h2>
This development raises important questions about the future of cryptocurrency regulation in the U.S. The SEC’s hardline stance could continue to affect numerous crypto platforms, forcing them to limit services or exit the U.S. market altogether. The decision to classify BTC, BCH, and ETH as commodities while labeling many other cryptocurrencies as securities signals that the regulatory landscape for digital assets is evolving rapidly.
Turkish NY Radio will keep a close eye on how this decision impacts the crypto industry and what it means for investors going forward.
&lt;p&gt;The post <a rel="noopener noreferrer nofollow" href="https://www.turkishnyradio.com/sec-restricts-etoro-to-offer-only-btc-bch-and-eth-services/">SEC Restricts eToro to Offer Only BTC, BCH, and ETH Services</a> first appeared on <a rel="noopener noreferrer nofollow" href="https://www.turkishnyradio.com">TurkishNY Radio</a>.&lt;/p&gt;

SEC Restricts eToro to Offer Only BTC, BCH, and ETH Services

Table of Contents

TNYR

Other articles published on Sep 13, 2024

Hamster Kombat (HMSTR) – The 58th Project on Binance Launchpool

UTONIC Protocol secures $100m TVL for TON’s first restaking solution

Crypto freedom on the chopping block? eToro’s SEC deal raises alarms

Beware of ‘Clipper Malware’: Binance warns of crypto fraud

Telegram Clicker Game Hamster Kombat Scores A Binance Listing For Its Upcoming HMSTR Token

Massive Shift from Ethereum to Bitcoin! Crypto Whale Converts ETH to BTC – Here are the Numbers!

Join our free newsletter for daily crypto updates!