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Home CRYPTO

Gary Gensler Believes Ethereum is an Security, but is He Right?

by Sham
March 20, 2024
in CRYPTO, OPINION
Reading Time: 3 mins read
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  • The SEC has reportedly issued subpoenas to US companies as part of an investigation into classifying Ethereum’s Ether token as a security
  • Classifying Ether as a security could impact Ethereum’s chances of getting SEC approval for a spot ETF in the US
  • The investigation comes as Bitcoin reaches new highs, but regulatory uncertainty has prevented Ethereum from benefiting from the same institutional investment tailwinds

The SEC has reportedly begun pursuing legal action to classify Ethereum‘s native token, Ether (ETH), as a security. This classification threatens to hinder Ethereum’s chances of getting approval for a spot ETF in the United States.

JUST IN: 🇺🇸 SEC Gary Gensler believes Ethereum $ETH is a security, do you agree? pic.twitter.com/4flsDgxnpS

— BlockNews.com (@blocknewsdotcom) March 20, 2024

SEC Issues Subpoenas Related to Ethereum Classification

According to a report from Fortune, the SEC has issued subpoenas to multiple US companies as part of an investigation into Ethereum. The subpoenas seek documents and financial records related to dealings with the Ethereum Foundation.

The Ethereum Foundation is a non-profit organization based in Switzerland that supports the development of Ethereum. Investigations into the group began in September 2022 when Ethereum transitioned to a proof-of-stake consensus model.

Implications for the Crypto Market

Classifying Ether as a security could have major implications for the cryptocurrency market as a whole. While the SEC approved several spot Bitcoin ETFs earlier this year, Ethereum’s chances now appear uncertain.

The investigation also comes amid an impressive start to 2024 for the digital asset market. Bitcoin itself recently reached a new all-time high above $73,000, driven largely by increased institutional investment.

Ethereum has been unable to benefit from the same tailwinds due to the looming threat of SEC action. The agency maintains it does not comment on potential investigations.

Conclusion

The SEC’s legal campaign against Ethereum could reshape the cryptocurrency market if successful. All eyes will be on how regulators choose to classify Ether and whether a spot ETF remains a possibility this year. The implications could be far-reaching for investors and developers in the Ethereum ecosystem.

Tags: BitcoinEthereum FoundationGary GenslersecSpot bitcoin ETFs
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