Sec v Ripple and MiCAR: the classification of cryptoassets as securities

The SEC v Ripple Labs Inc. case¹ has attracted great interest because of its implications for the qualification of digital assets as securities and in general for the future of cryptos in the US where digital assets are not regulated as such. The EU has adopted a far-reaching regulation of cryptoassets (MiCAR) ² which however does not apply to cryptoassets that fall under the definition of financial instruments thus leaving the question open as to the applicable regime. To compare potential outcomes had the case been heard in the EU this article focuses on the issue of whether and under what conditions cryptoassets can be classified as financial instruments under EU law and the legal implications of such a classification. This article further analyses the interaction between MiCAR and certain existing national regimes that attract to regulation financial products other than financial...