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Gossip & Opinions / Re: Bitcoins - about to hit $5,000 per coin today!
« Last post by gib on Today at 02:10:44 AM »Whatever he thinks is irrelevant. He does not get to decide this. It will be up to the courts if they decide to go that route. That Fox Business article also makes a lot of assumptions. They are assuming he thought it was a security because of Consensys suing the SEC. But that's just how they are reading it. They don't have the official word from Gensler himself.
He has also now been accused of misleading Congress on Ethereum.
Some think Consensys suing the SEC was a chess move to put pressure on Gensler. The Hong Kong ETH ETF is also considered to be a move to put pressure on the US SEC.
https://www.coindesk.com/policy/2024/04/30/houses-mchenry-accuses-sec-chief-gensler-of-misleading-congress-on-ethereum/
House's McHenry Accuses SEC Chief Gensler of Misleading Congress on Ethereum
The chairman of the House Financial Services Committee says Gensler refused to discuss his view on ETH in testimony even after the SEC was investigating it as a security.
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has been accused of misleading Congress by Rep. Patrick McHenry, the chairman of the House Financial Services Committee, who said Gensler's agency already knew it considered Ethereum's ether a security before he attended a hearing and declined to answer that question.
"Chair Gensler refused to answer questions regarding the SEC's classification of ether," McHenry said in a statement posted on X. "New court filings show this was an intentional attempt to misrepresent the commission's position."
The classification of (ETH), the second-largest cryptocurrency by market cap, is a major question hanging over the U.S. oversight of digital assets, and it's being fought on multiple legal fronts. If ETH is a security that should be registered and regulated by the SEC, then many other tokens may also fit that definition.
Documents in Consensys' newly filed lawsuit against the SEC describe how the agency was pursuing an investigation into the nature of ETH days before Gensler testified in April 2023. Consensys is suing the agency ahead of an expected SEC enforcement action.
What Gensler and the SEC think are relevant, to that extend that it is the SEC who enforces the law. However, you are correct that the SEC are not the final deciders of the law. That is of course for the Courts to do.
Whether or Gensler is accused of misleading congress is also irrelevant as to how the law will ultimately be enforced.
The act of Consensys suing the SEC will help get us towards more judicial clarity on the status of Eth and any of the securities law breaches those involved with it are liable for. Its really a double-edged sword to proactively bring such a case - could really backfire if they get an adverse determination.
Another country allowing an illegally issued security to be listed as an ETF is again, not of much relevance on an US court decision (although if there were legal arguments made in a foreign court, such arguments, whilst not binding, could be persuasive if well-reasoned. No "pressure" on the SEC at all in this regard - in fact it makes it easier to tell American's that if they want to buy unregulated products they do so on overseas exchanges. The far greater pressure is to ensure orderly and compliant US capital markets - ETH is a blip in the overall context of that, although approving ETH does risk much larger impact and ramifications of a flood of companies raising public money by avoiding US listing rules.