This week’s most crucial approval for the cryptocurrency markets was the spot Bitcoin ETF approvals, which the Commission granted. However, we know that this approval was not given wholeheartedly. SEC Chairman Gensler had already explicitly written this in the lengthy approval announcement. He is now making new statements.
Cryptocurrency Legal Battles
SEC Chairman Gensler stated in a recent interview that most cryptocurrencies are considered securities according to the law, and everyone should be aware of this. He also implied that all platforms serving US citizens must comply with Federal laws in this regard, or they could face consequences. Gensler, who has accused Ethereum of being a security after its transition to Proof of Stake (PoS), has resumed his threatening rhetoric as of today.
On the ETF approval day, a message was published stating that while they do not accept or legitimize Bitcoin, they do approve ETFs. Here, we see the influence of the pressure from the GBTC lawsuit and the warning to abandon the negative approach from Congress. Indeed, SEC member Peirce had implied that the SEC should be ashamed of its attitude towards cryptocurrencies, as it has been treating them differently from others for 10 years.
In the coming period, the SEC may accelerate its battle against altcoins. However, in doing so, it will spend most of its energy trying to secure a definitive victory in the XRP Coin case.
