IOTA Declared Non-Security: Transitioning to SEC-Proof for a Bright Future
• The US SEC has filed a lawsuit against Binance, naming several top altcoins as securities.
• IOTA’s native cryptocurrency, MIOTA, was not mentioned in the lawsuit.
• The IOTA Foundation is actively working with government institutions to develop frameworks for cryptocurrencies and decentralized finance (DeFi).
The US SEC’s Lawsuit Against Binance
The US SEC has recently filed a lawsuit against crypto exchange Binance, naming several top altcoins as securities. These include Cardano’s ADA, Solana’s SOL, Polygon’s MATIC, Filecoin’s FIL, and Algorand’s ALGO. However, there was no mention of IOTA’s native token MIOTA in the suit.
IOTA Engaging with Government Institutions
The IOTA Foundation is actively engaging with government institutions across Europe to develop frameworks for cryptocurrencies and decentralized finance (DeFi). It is currently involved in discussions with the European Blockchain Association to create standards for crypto and DeFi. The foundation also submitted a proposal to the European Parliament regarding anti-money laundering and anti-tax avoidance regulations.
IOTA 2.0 Framework
In order to make its network more secure and trustless, the IOTA Foundation is taking steps towards implementing its quantum-proof IOTA 2.0 framework. This will involve transitioning from a coordinator node system to a fully decentralized node software architecture that will be able to process high throughput transactions quickly and securely on the network.
MiCA Legislation
As part of its efforts to improve regulatory compliance within the blockchain industry, the IOTA Foundation has proposed MiCA legislation which seeks to provide clarity on legal recognition of DLT assets such as tokens used in distributed ledgers or blockchains networks like those powered by IOTA technology. The purpose of this law would be to ensure greater legal certainty for digital businesses operating within Europe so that they can operate more securely within the European market without fear of regulatory uncertainty or financial penalties due to noncompliance issues .
A Bright Future Ahead?
Although it remains unclear whether MIOTA will pass through SEC approval going ahead, it appears that an official stand from them might take some time coming given all their engagements with governmental institutions thus far including their MiCA proposal to provide clarity on DLT assets used in distributed ledger networks like those powered by IOTAs quantum-proof technology . This could be a major positive sign for both investors as well as developers looking forward into investing into projects based around this technology – indicating potential for brighter days ahead on this front .