News - Did the SEC secretly classify Ethereum as a security?

By Mike Hesp

Did the SEC secretly classify Ethereum as a security?

Ethereum (ETH)

Shortly before the final vote on the Ethereum Spot ETF's, Joesph Lubin lashes out at the SEC. The authority wants to undermine innovation, says the Consensys CEO.

In a speech at the Crypto and Digital Asset Summit in London has Ethereum co-founder and Consensys CEO Joseph Lubin did not have a good word to say about the U.S. Securities and Exchange Commission (SEC).

After the authority led by Gary Gensler Consensys had sued with a so-called Wells Notice - usually the last step before a lawsuit - Consensys sued the SEC itself outright.

According to Lubin, the authority intentionally hinders innovation, threatening the existing financial landscape.

It continues, "The SEC appears to have reclassified Ether as a security without telling anyone."

According to Lubin, the timing is suspicious: shortly before the decision on the proposed Ethereum Spot ETFs, the SEC wanted to initiate new enforcement actions against Ethereum. This would allow the SEC to finalize the ETFs on May 23. reject.

Indeed, it is still unclear whether Ethereum will be classified as a security or, like Bitcoin, as a commodity.

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