Fun

SEC is attempting to classify Ether as a security: Report

News Feed - 2024-03-21 03:03:37

Turner Wright5 hours agoSEC is attempting to classify Ether as a security: ReportSeveral U.S.-based companies reportedly received subpoenas from the SEC related to attempts to label Ether as a security.4100 Total views8 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe United States Securities and Exchange Commission has reportedly issued several subpoenas to companies related to attempts to label Ether as a security.


According to a March 20 Fortune report, an investigation by the SEC into the Ethereum Foundation could give the commission regulatory coverage to define Ether (ETH) as a security. The foundation suggested via GitHub that it may be under investigation “from a state authority.”


Several U.S.-based companies reportedly received subpoenas from the SEC requesting they provide documents and financial records related to dealings with the Ethereum Foundation. According to people familiar with the matter, the commission launched a campaign to classify ETH as a security following the blockchain’s transition from proof-of-work to proof-of-stake in 2022.


While in office, SEC Chair Gary Gensler has refused to answer direct questions about whether ETH qualifies as a security under the commission’s purview, despite claiming Bitcoin (BTC), Ether and others were “not securities” in 2018. The commission has approved exchange-traded funds (ETFs) tied to Ether futures but has yet to decide whether to approve or deny spot ETH ETFs — many experts expect a decision by May.If Gary looks slim, it’s because he’s been eating nothing but his own words since 2018.

“Bitcoin. Ether. Litecoin. Bitcoin Cash. Why did I name those four? They’re not securities.”

“Three-quarters of this market is probably not securities.” pic.twitter.com/wdgWcxw4h4— Sam Lyman (@SamLyman33) June 12, 2023


Related:CFTC chair warns of conflict with SEC over Prometheum’s ETH play


Crypto firm Prometheum, one of the few companies to have approval from U.S. financial regulators as a special purpose broker-dealer for digital asset securities, announced in February it planned to offer institutional custody services for Ether. The decision put pressure on the SEC to provide clarification for firms seeking to avoid potential liabilities related to certain crypto assets.


Should the SEC move forward with regulating Ether, it could potentially put the regulator in conflict with the U.S. Commodity Futures Trading Commission. Lawmakers have been attempting to enact legislation to clarify the roles each regulator would take over digital assets, but no bill had been passed at the time of publication.


Magazine:Ether ETFs face Senate opposition, Wright is not Satoshi, and Dencun goes live: Hodler’s Digest, March 10-16# Government# Security# Ethereum# SEC# United States# RegulationAdd reactionAdd reactionRead moreSEC pushes deadline on VanEck spot Ether ETF applicationUzbekistan increases fees for crypto operationsApple co-founder wins against YouTube in Bitcoin scam lawsuit

News Feed

Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — ‘They’re Rising for Opposite Reasons’
Economist Peter Schiff Explains Why Bitcoin and Gold Are up This Year — "They"re Rising for Opposite Reasons" Economist and gold bug Peter Schiff has explained why bitcoin and go
Dogecoin Activity Levels Crash To 4-Month Lows, Does This Spell Doom For The Meme Coin?
Este artículo también está disponible en español. Crypto analyst Ali Martinezhas revealed a bearish on-chain metric for Dogecoin, sparking a negative outlook for the fore
Next Bitcoin Mining Difficulty Change Estimated to Decrease as Block Times Have Lengthened
Next Bitcoin Mining Difficulty Change Estimated to Decrease as Block Times Have Lengthened The last two mining difficulty changes on the Bitcoin network have driven difficulty to a
Grayscale: Central Bank Digital Currencies Will ‘Neither Replace nor Harm Scarce, Uncompromising Bitcoin’
Grayscale: Central Bank Digital Currencies Will ‘Neither Replace nor Harm Scarce, Uncompromising Bitcoin’Central bank digital currencies (CBDCs) pose no threat to Bitcoin’
Alchemy Pay Drives Crypto Adoption by Bridging Fiat and Crypto Economies
Alchemy Pay Drives Crypto Adoption by Bridging Fiat and Crypto Economies sponsored Digital assets have seen great success as investment tools in recent years, but
Central Bank of Peru Will Develop a Digital Currency
Central Bank of Peru Will Develop a Digital Currency The Central Reserve Bank of Peru, the Peruvian central bank, is planning to develop a central bank digital currency (CBDC) like
Brayden Lindrea8 hours agoElon Musk hits at SEC, DOJ amid suit to force testimony in Twitter probeElon Musk claims the SEC and DOJ are abusing their regulatory powers for personal and political gain to receive punitive a
Brayden Lindrea6 hours agoBug in Fed’s payment system prevents Americans from getting paidBanks stressed customer accounts “remain secure” and balances will be updated as soon as the issue is resolved.1956 Total vi
Trump Media Makes Moves On Bitcoin And Smartphone – What’s Next?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
AdaLend: The World’s Leading Cardano-Based Lending Protocol
AdaLend: The World’s Leading Cardano-Based Lending Protocol sponsored BSCPad and ADAPad Public Sale On March 14th. Cryptocurrencies and DeFi
William Suberg8 hours ago‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024Bitcoin is in its “pre-bull market” phase, and the days of BTC price trading at current levels are numbered,
Fartcoin Dominates Crypto Recovery With 230% Surge, Is This A Good Time To Buy?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu