SEC Chair Gensler Pressed by 48 Lawmakers on ETH’s Security Status, Caution of Consequences
48 U.S. lawmakers have directly addressed U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, seeking clear guidance on the classification of ether (ETH) as a security.
Their letter emphasizes concerns about potential negative impacts on the digital asset market if ETH were to be classified as a security. Notably, the lawmakers highlighted a history of both the SEC and the Commodity Futures Trading Commission (CFTC) recognizing ETH as a non-security digital asset or digital commodity. They pointed out Gensler’s past reluctance to acknowledge ETH as non-security, adding to the confusion and uncertainty surrounding its classification.
The letter also outlined potential consequences of such a classification, including restrictions on ETH futures offerings and violations of securities laws. The lawmakers requested a response from Gensler by April 9, 2024, addressing key questions about the SEC’s stance on ETH’s classification.
Clever Robot News Desk 2nd April 2024
