Investing.com - Bitcoin and other top cryptocurrencies made modest gains mid-week in Asia, even as Ethereum traders digested the news that the U.S. Securities and Exchanges Commission (SEC) reportedly said the coin is not a security under U.S. law.
According to the non-profit crypto research organization Coin Center, U.S. SEC Chairman Jay Clayton confirmed a staff analysis that found Ethereum, along with digital coins of its kind, are not securities.
Clayton also agreed that the definition of a digital asset as a security is not static “if the digital asset later is offered and sold in such a way that it will no longer meet that definition.” Clayton reportedly said last year that securities laws must be followed in order to make initial coin offerings (ICOs) effective.
The price of Ethereum did not move more than usual on the news. On Wednesday morning in Asia, the coin gained 1.55%, rising to $133 by 12:05 AM ET (04:05 GMT).
Other digital tokens also moved higher. Bitcoin added 1.34% to $3,877.3, XRP was up 0.60% to $0.31019, and Litecoin rose 4.91% to $56.331.
The crypto market cap remained flat at $134 billion.
Crypto investors also took note of a move by Thailand’s securities regulator giving the green light to the first ICO portal in the country. The portal remains unnamed at the moment.
The Bangkok Post reported that the ICO portal can screen ICOs, perform due diligence, confirm smart contract source codes and conduct Know Your Customer (KYC) procedures.
“Thailand's first authorized ICO portal is being finalized for official approval with the relevant government agencies such as the Commerce Ministry,” Archari Suppiroj, director of the fintech department at the SEC, told Bangkok Post.
“The first ICO deal will be available for public offering in the near future under the digital asset royal decree,” he added.