Bombshell Claim About Ethereum: SEC and Gensler Thought It Was a Security.
The United States Securities and Exchange Commission (SEC) and its Chairman Gary Gensler appear to maintain their view that #Ethereum (ETH) may have been considered a security for at least a year.
This information is provided by Consensys Software Inc. It was revealed through a complaint filed by. The complaint revealed that SEC Enforcement Director Gurbir Grewal conducted an investigation on March 28, 2023, into possible offers and sales of securities related to “Ethereum 2.0” dating back to at least 2018.
Grewal noted that these investigations are not limited to Ethereum and that no registration notices or exemptions exist.
SEC and Gary Gensler Thought #ETH Was a Security
The United States Securities and Exchange Commission's (SEC) approval of Ethereum (ETH) Future ETFs in October 2023 appears to contradict the agency's previous stances on ETH.
#SEC Chairman Gary Gensler has previously remained generally silent on the classification of Ethereum, but the agency has recently faced criticism for its sanctions-focused regulatory approach.
These contradictions are further highlighted in June 2028 when the SEC's then-Director of Corporate Finance, Bill Hinman, made a controversial speech claiming that Ethereum was not a security. This speech fueled ongoing uncertainty and debate about Ethereum's legal status.
In the latest developments, #SEC staff reportedly briefed Consensys on the agency's investigations into the company's Ethereum offerings and sales.
According to the filing, “SEC staff reported that it is investigating whether Consensys' current ETH bids and sales (transactions it conducts from its own assets as part of its normal treasury operations) are securities transactions.”
It was also noted that SEC staff recently requested Consensys make a “proposal” explaining why the company believes Ethereum sales are not securities transactions.
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