Forty-eight U.S. lawmakers sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler last week regarding ether (ETH) potentially being classified as a security by the Commission.
They explained that both the SEC and the Commodity Futures Trading Commission (CFTC) “have long-recognized ETH as a non-security digital asset or digital commodity.” In October 2023, the SEC also approved nine exchange-traded funds (ETFs) that provide exposure to ETH through CFTC-regulated ETH commodity futures products.
Read more of this here. (https://news.bitcoin.com/48-us-lawmakers-ask-sec-chair-gensler-to-clarify-whether-eth-is-a-security-warn-of-negative-repercussions/)
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Gary Gensler is on the headline again as the lawmakers above are showing concern of the seemingly weak position of SEC on Ethereum most especially that there is a big possibility for the approval of ETFs for ETH. Once and for all, it is time for SEC to classify ETH as non-security so they can laid this issue to rest and the market would not be feeling the jitters triggered by the supposed inquiry into Ethereum received by the Ethereum Foundation. Aside from dealing with this issue, am in the position that Gary Gensler is not doing anything good for the cryptocurrency industry we need a better man that can implement laws but at the same time will not choke the industry to slow death.