SEC's Attempt to Classify Ethereum as Security Sparks Controversy

Grewal , who has served as the exchange's CLO since August 2020, has noted that millions of Americans own the largest altcoin. Furthermore, he has stressed the cryptocurrency's significance for the broader cryptocurrency ecosystem . According to Fortune, the U.S. Securities and Exchange Commission is attempting to classify Ethereum as a security. As part of its aggressive campaign, it has slapped multiple companies with subpoenas.

Prior to that, Coindesk revealed that the Ethereum Foundation was under investigation by a state authority. However, as Grewal has pointed out, Gensler himself had previously stated that Ethereum was not a security. ). Moreover, the SEC's own lawyers have compared the second-largest cryptocurrency to Bitcoin (which has been repeatedly recognized as a commodity by the SEC). According to McHenry, this contradicts the Commodity Futures Trading Commission's stance on this matter."Congress decides the SEC's jurisdiction and budget, Chair Gensler doesn't get to make it up as he goes along," he said. During a 2023 congressional hearing, McHenry slammed Gensler over the supposed lack of clarity in the marketplace. However, Gensler has repeatedly refused to share his views on the second-biggest cryptocurrency by market cap. Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruptio

Source: Digital Coin News (digitalcoinnews.net)

SEC Ethereum Cryptocurrency Controversy Classification Grewal Cryptocurrency Ecosystem Congress

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