The SEC Says Crypto Airdrops Are Securities. Here's Why It May Be Wrong

Congressmen Tom Emmer and Patrick McHenry sent the SEC a letter demanding clarification on how crypto airdrops are securities offerings. Amanda Tuminelli of the DeFi Education Fund breaks down why she thinks the SEC is wrong on its interpretation. 🔥 EPISODE LINK 🔥 CHECK OUT THE EPISODE LINKS AND DETAILS HERE 👉 unchainedcrypto.com/podcast/th... 👈 This week, Republican Representatives Tom Emmer and Patrick McHenry sent a letter pressing SEC Chair Gary Gensler for clarity on how securities laws apply to airdrops. With billions of dollars worth of tokens airdropped this year alone, projects need clarity more than ever. In this episode, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, dissects the SEC’s stance on airdrops, why her organization believes the SEC has stretched the legal definition of “compensation” too far, and what Congress might ask Gensler in his upcoming hearing. Plus, she talks about how the SEC “regrets” any confusion it caused for using the term “crypto assets securities,” since the agency now admits that tokens themselves are not securities. Show highlights: 🔹 Why Amanda believes the SEC’s position on airdrops doesn’t make sense 🔹 Why the DeFi Education Fund sued the SEC over the BEBA airdrop 🔹 How the SEC’s position on airdrops has been clear for a while, but is “wrong” according to Amanda 🔹 Her take on users bypassing the geographic restrictions to claim airdrops in the U.S. 🔹 How and why the SEC has changed its language around “crypto assets securities” 🔹 How the SEC’s new position on crypto assets implicating securities laws seems to rest on the “embodiment” theory 🔹 Why Amanda believes the Supreme Court or Congress may be needed to step in 🔹 What Amanda expects Congress to question Gary Gensler about in the hearing next week 🔹 Amanda’s takeaways from the first Congressional DeFi hearing last week 🔹 How she expects the presidential election will impact the regulatory landscape in the U.S. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! ➡️ Coinbase www.coinbase.com/one?utm_sourc... ➡️ iTrustCapital www.itrustcapital.com ➡️ Polkadot polkadot.network/ecosystem/com... ➡️ Mantle’s FBTC http:/fbtc.com ➡️ Stellar http:/stellar.org Guest ⭐️Amanda Tuminelli, Chief legal officer of the DeFi Education Fund Timestamps: 00:00 Intro 01:42 SEC’s stance on airdrops 04:25 DeFi Education Fund’s lawsuit over BEBA 06:47 Amanda: SEC’s position on airdrops is “wrong” 08:27 Users bypassing geographic restrictions for airdrops 12:47 Why the SEC suddenly apologized for using the term “crypto asset securities” for years 16:47 Amanda’s take on what the SEC’s new theory is for why tokens fall under securities laws 17:43 Why Supreme Court or Congressional involvement is likely needed 19:01 What Congress might ask Gensler in a hearing next week 19:59 Key takeaways from the first Congressional DeFi hearing 20:43 Amanda’s take on how the presidential election might impact crypto 23:45 News Recap _______________________________________________________ #bitcoin #ethereum #crypto #cryptocurrencies ++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe to our channel! CHECK OUT THE CRYPTOPIANS → www.youtube.com/watch?v=DFzunC... WEBSITE → unchainedcrypto.com UNCHAINED DAILY NEWSLETTER → unchainedcrypto.substack.com LAURA'S TWITTER → twitter.com/laurashin UNCHAINED TWITTER → twitter.com/unchained_pod FACEBOOK → www.facebook.com/unchainedwith... INSTAGRAM → www.instagram.com/laurashin/?h... LINKEDIN → www.linkedin.com/in/laurashin MERCHANDISE → unchainedpodcast.company.site ++++++++++++++++++++++++++++++++++++++++++++++++ NEW EPISODES OF UNCHAINED EVERY TUESDAY AND FRIDAY! ALONG WITH BITS & BIPS AND THE CHOPPING BLOCK Apple → podcasts.apple.com/us/podcast/... Spotify → open.spotify.com/show/1cJrrfGY... RSS Feed → feeds.megaphone.fm/LSHML476194... YOUR NO-HYPE RESOURCE FOR ALL THINGS CRYPTO!