JPMorgan Chase & Co (JPM) said in a research note on Thursday that the SEC’s lawsuit against Binance and Coinbase highlights the need for U.S. lawmakers to come up with a plan on how to regulate the cryptocurrency industry and the SEC’s relationship with commodity futures. A comprehensive framework for the relative responsibilities of the CFTC.
According to the report, the SEC believes that most cryptocurrencies should be classified as securities, and therefore, most cryptocurrency companies and exchanges should fall within its regulatory purview and comply with the regulatory framework currently applicable to other securities.
If the SEC’s stance is confirmed by lawmakers, Coinbase, Binance.US and other U.S. exchanges will have to register as brokers, and most cryptocurrencies will be considered securities.