In a recent important statement, the SEC once again made it clear that Bitcoin does not fall into the category of securities. This news has caused quite a stir in the cryptocurrency market and the financial community. In fact, there are far-reaching implications and considerations behind this decision. Let us explore in depth and reveal the truth behind Bitcoin's exclusion from securities.

Bitcoin, the gem of the modern financial world, has been controversial since its birth. As a cryptocurrency, its status has always been controversial. The SEC's statement has once again pushed the positioning of Bitcoin to the forefront. This decision is not only a recognition of Bitcoin itself, but also an authoritative definition of the cryptocurrency market. So why is Bitcoin excluded from securities? There must be many factors worth discussing.

First, we need to understand the nature of securities. Securities, as a financial instrument, carry specific norms and legal constraints behind them. As a decentralized digital currency, Bitcoin's operating mechanism is fundamentally different from traditional securities. In this context, the SEC's decision can be understood as a respect and recognition of Bitcoin's unique attributes. This also means that Bitcoin will embark on an independent development path in the financial system.

Secondly, the market position and influence of Bitcoin cannot be underestimated. As the first cryptocurrency to apply blockchain technology, Bitcoin plays an important role in the cryptocurrency market. Its market value and trading volume remain high, leading the development direction of the entire digital currency field. The decision of the SEC will undoubtedly have a profound impact on the price trend and market confidence of Bitcoin. Investors and market institutions will make corresponding adjustments and strategic deployments based on this decision.

Furthermore, the future development of Bitcoin is full of challenges and opportunities. With the continuous evolution of blockchain technology and the expansion of application scenarios, the status of Bitcoin as a digital currency will face new tests. How to achieve the sustainable development of Bitcoin under the premise of compliance and legality has become an important issue facing the entire industry. The decision of the SEC may point out a clear path for the future development of Bitcoin, but it also requires all parties in the industry to work together to promote the healthy development of Bitcoin and the entire cryptocurrency market.

In general, the SEC once again stated that Bitcoin is not a security. This decision is not only a recognition of Bitcoin itself, but also an important definition of the cryptocurrency market. As a unique digital currency, Bitcoin will face more challenges and opportunities in its future development. We look forward to seeing Bitcoin continue to develop steadily under a compliant and legal framework and make greater contributions to the prosperity of the digital economy. Let us witness together the miracle of Bitcoin in the digital age and work together for its development.

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The U.S. Securities and Exchange Commission (SEC) recently reiterated that "Bitcoin (BTC) is not a security." It is understood that the cryptocurrency hedge fund Cipher Technologies submitted a registration statement to the SEC in June this year, seeking to apply to become a "closed-end fund" and an "investment company" in accordance with the Investment Company Act of 1940.

The U.S. Securities and Exchange Commission (SEC) recently reiterated that "Bitcoin (BTC) is not a security."

It is understood that the cryptocurrency hedge fund Cipher Technologies submitted a registration statement to the SEC in June this year, seeking to apply to become a "closed-end fund" and an "investment company" in accordance with the Investment Company Act of 1940.

According to the written opinions received by the SEC and the content of the meeting with Cipher Technologies on September 27, the latter's position is: "Bitcoin is a security." To this end, the SEC review commissioner, in his reply, based on the Howey Test and the Digital Asset Analysis Framework released by the SEC earlier this year, refuted Cipher Technologies' arguments, saying, "We believe that current Bitcoin buyers do not rely on the basic management and entrepreneurial efforts of others to make money (and therefore are not securities), while Cipher Technologies intends to invest most of its assets in Bitcoin according to its current structure, and therefore does not meet the definition of "investment company" under the Investment Company Act." In addition, the SEC also pointed out that "if Bitcoin is really a security, it will raise a series of substantive issues." Specifically, Bitcoin will become "an unregistered public sale of securities, making Cipher Technologies' proposed fund a Bitcoin underwriter." The review commissioner also stated that Cipher Technologies has not yet resolved "significant legal and investor protection concerns, especially in the valuation, custody and operation of the Bitcoin market." In view of the above reasons, the SEC concluded that "Cipher Technologies's application to register as an investment company is an inappropriate application and will not continue to review the case further." Although this reply letter cannot be regarded as a formal regulation or binding precedent, it is still a key public statement to the outside world that "the SEC does not consider Bitcoin to be a security." In addition, the reply letter also stated that the review commissioner will continue to rely on the "Cryptocurrency Analysis Framework" issued by the SEC earlier this year for guidance and to clarify whether a specific cryptocurrency is a security.

Blockchain reported last week that in response to the recent pressure from regulators on investor protection and anti-money laundering regulations, many U.S. companies have jointly established the "Cryptocurrency Ratings Council", led by Coinbase to jointly establish a system to identify "whether various cryptocurrencies are securities", thereby enabling exchanges to avoid listing cryptocurrencies that do not comply with securities laws.