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Ethereum's Shift from Security to Commodity: A Subtle SEC Nod?

2023/12/19 18:13

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Analyst Suggests SEC's New Approach

In a recent dialogue on Laura Shin's Unchained Podcast, Bloomberg's James Seyffart shared insights into a potential pivot in the U.S. Securities and Exchange Commission's (SEC) approach to Ethereum. He highlighted the SEC's green light to Ethereum futures exchange-traded funds (ETFs) as a tacit admission of Ethereum's commodity status, diverging from its previous classification as a security.

Is the SEC backing down on Ethereum? 🤔

Bloomberg’s @JSeyff spills on @unchained_pod: With Ethereum futures ETFs already approved, the SEC might be subtly pivoting to conceding that Ethereum is a commodity. 💥

🎧 Listen now: https://t.co/lD20tIkl6Z pic.twitter.com/z5npQg2uEM
— Laura Shin (@laurashin) December 16, 2023

Seyffart argued that this approval is a silent recognition by the SEC of Ethereum's commodity nature. He stressed the consequences of a potential reversal by the SEC, which would necessitate the delisting of Ethereum futures contracts and ETFs. Such a move would not only put the SEC at odds with the industry but also with the Commodity Futures Trading Commission (CFTC).

Although he did not quantify the probability, Seyffart posited a high likelihood of Ethereum being officially recognized as a commodity, potentially by 2024.

SEC Chairman Gary Gensler's acknowledgment of Bitcoin as a commodity, paired with his relative silence on Ethereum, might indicate a shift in the SEC's stance. Seyffart suggests that the SEC might be inclined to avoid a protracted dispute over Ethereum's classification.

While this development appears progressive, it leaves open questions about the SEC's future regulatory actions and its impact on the broader crypto market.

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