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23 Mayıs spot Ethereum ETF approval reports are dominating the agenda, showing they are not unfounded. The morale of investors is likely affected by expert comments linked to bad news received within the last hour. The SEC, now moving against the Ethereum Foundation, will confront one of the biggest Ethereum supporting companies.
Ethereum and the SEC Clash
We recently discussed how Consensys filed a lawsuit against the SEC. Gensler and his team have shown their intent to sue the company by issuing a Wells Notice. The regulatory body, arguing that MetaMask’s swap and staking features are unauthorized, has targeted the largest crypto wallet it could.
The only problem is that there is no clear path to register with the SEC. This is not being said by misguided crypto company spokespeople, investors, or unreliable individuals, but by two of the five SEC members (Peirce and Uyeda).
Legal Battles in Crypto Intensify
In recent weeks, the SEC has requested documents related to firms’ and developers’ relationships with the Ethereum Foundation. Gensler will handle these documents, which he considers current and sufficient under the century-old securities laws, and will find excuses to sue everyone involved. After senior SEC officials described Ethereum as decentralized, Ethereum futures were launched with institutional approval.
Before taking office, Gensler stated in 2018 that Ethereum was a security, and this statement is still on video. How can the SEC Chairman declare war on Ethereum despite all this? Clearly, thanks to the Merge. After the transition to Proof of Stake, Gensler began implying that the native token of the largest smart contract platform had turned into a security. And here we are today.
Consensys’ founder Joe Lubin said;
“Staking is a contribution to the security of the Ethereum network. However, the SEC is trying to turn it into an investment contract.”
Following the last spot Bitcoin ETF approval, Lubin says the institution is setting the stage to deny the same approvals for Ether. According to him, the SEC has taken action to prove its point and is doing everything it can to hinder growth in crypto.
