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SEC, Gensler Believed Ether Was a Security, Lawsuit Reveals

April 29, 2024
in Blockchain
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Key Takeaways

Court filings reveal the SEC may have considered Ether an “unregistered security” under Chair Gary Gensler’s leadership since last year;

In 2023, the SEC initiated “Ethereum 2.0,” an investigation into Ether’s status;

The SEC will potentially delay the approval of Ether-based ETFs in the US.

Court documents filed by Consensys against the US Securities and Exchange Commission (SEC) have revealed that the agency, under Chair Gary Gensler, may have considered Ether (ETH) an “unregistered security” since last year.

This lawsuit was filed on April 25 in a Texas federal court in response to a Wells notice from the SEC.

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According to the filing, Gurbir Grewal, head of the SEC’s Division of Enforcement, approved “Ethereum 2.0” — an investigation into the cryptocurrency’s status — on March 28, 2023.

The investigation reportedly stemmed from the SEC’s concerns dating back to 2018, suggesting potential unauthorized sales and offerings of Ether.

This probe enabled the SEC to subpoena and investigate traders and organizations involved with ETH while reportedly instructing them to keep the investigation’s details confidential.

This uncertainty has considerable implications for the approval of Ether-based exchange-traded funds (ETFs) in the US, which are likely to face delays due to the lack of engagement on the SEC’s part.

Interestingly, the current stance of the Chair of the SEC contradicts his previous beliefs; in 2018, Gensler claimed that over 70% of the crypto market, including Bitcoin, Ether, Litecoin, and Bitcoin Cash, were not securities.

Nonetheless, the investigation and debate around Ether’s classification could impact the crypto regulatory framework in the US.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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Tags: believedEtherGenslerLawsuitrevealsSECSecurity
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