As a seasoned researcher with a keen interest in blockchain technology and its regulatory landscape, I find myself intrigued by the recent developments regarding Ethereum (ETH) and the U.S. Securities and Exchange Commission (SEC). The settlement between the SEC and eToro, which stipulates that trading of all crypto tokens apart from Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) should cease, seems to suggest a shift in the SEC’s stance towards Ethereum.
According to Paul Grewal, the top lawyer at Coinbase, the United States Securities and Exchange Commission (SEC) has acknowledged that Ethereum (ETH) does not fall under the category of securities.
Following the SEC’s settlement with trading platform eToro, it was decided that eToro would discontinue providing cryptocurrency tokens other than Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH) for trading.
To this point, the legal standing of Bitcoin is clear-cut, whereas Ethereum’s status has primarily been uncertain. Repeatedly, Chair Gary Gensler of the SEC has evaded answering whether Ethereum should be categorized as a commodity or a security.
The establishment of this community strongly suggests that the Securities and Exchange Commission (SEC) may consider Ethereum (ETH) as a non-securitarian asset.
“There’s no plan”
Still, Grewal has slammed the SEC why it views Bitcoin and Ethereum as non-securities while the other tokens are viewed as securities.
Coinbase’s legal head argues that the regulatory body can’t provide a clear reason for making this particular distinction.
He pointed out that there’s no structured strategy, no systematic approach, no sensible reasoning, no adherence to proper procedures, and absolutely no regard for legal norms.
Settlements are not laws
It’s important to mention that although Ethereum may have recently shown signs suggesting it’s not considered a security, it hasn’t fully cleared all potential hurdles just yet.
Jake Chervinsky, the legal head at Variant, has warned that agreements do not set fresh legal guidelines or rulings.
This month, we might witness similar moves by the SEC and other authorities that appear to set new standards, but according to him in a social media post, none of these actions actually establish any new precedent.
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2024-09-13 09:13