Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: Yamane_Keto on June 19, 2024, 05:16:14 PM
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The Securities and Exchange Commission (SEC) is closing its investigation into Ethereum, the second-largest cryptocurrency by market capitalisation, as a security, Consensys confirmed today (Wednesday).
Ethereum Is Not a Security
“The Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0,” the tweet by the company stated, adding: “This means that the SEC will not bring charges alleging that sales of ETH are securities transactions.”
https://www.financemagnates.com/cryptocurrency/sec-is-closing-investigation-into-ethereum-as-a-security/
This announcement made by Consensys confirms that Ethereum is not a security, but despite the lack of regulatory clarity or the existence of a separate regulatory framework for cryptocurrencies, this means that ETH will likely remain classified as a commodity, but at least no more SEC drama.
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Although there was no formal announcement from the SEC, the time they approved the ETH ETF is also the time it was confirmed that it's not a security. Any further investigations into the issue of security is not only ironic but also a waste of time and resources.
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Not really surprising, though I wonder if they will try to investigate again and explicitly judge whether ETH is a security in the future. It sounds unlikely though, maybe they will try to keep their position ambiguous so the industry will second guess whatever they do in the future, for whatever reason. I guess the ongoing lack of clarity for crypto as a whole might contribute to their position. CMIIW.
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Although there was no formal announcement from the SEC, the time they approved the ETH ETF is also the time it was confirmed that it's not a security. Any further investigations into the issue of security is not only ironic but also a waste of time and resources.
Yeah, an ETH Spot ETF is the most obvious answer from the SEC as they will never approve a Spot ETF based on a security. Unfortunately, we don't have the opportunity to see many large companies like BlockcRock and Fidelity come together to attack the SEC to get ETH Spot ETF ^^
What I'm interested in now is that after ETH is determined not to be a security, can we be confident about the legal future of other POS tokens such as ADA or SOL? Many investors have been very optimistic about this, but I am still waiting for a clear legal framework on this issue so that the market can comply and develop more strongly.