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.
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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.

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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

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