Australia’s Financial Watchdog Expands Team to Better Regulate Crypto
Australian Securities and Investments Commission (ASIC) increased the size of its crypto team, The Guardian reports, after the popular blockchain shifted from a proof-of-work (PoW) to a proof-of-stake (PoS) system. The change has prompted U.S. Security and Exchange Commission Chairman Gary Gensler to state that PoS-based tokens could be classified as securities. Ethereum is under renewed scrutiny following last week’s merge event, as the ASIC looks set to decide on whether the market's second-largest cryptocurrency is subject to its oversight. Should ASIC decide to bring PoS tokens like Ethereum, Cardano, and Solana under its remit.
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