The SEC is making some risky and confusing moves, many see this as an attempt to create fear in the market, Thuan sees these as desperate efforts:
1- Trying to classify ETH as a security is risky because the SEC is upsetting Congress and more importantly, the SEC started investigating ETH in April 2023 but approved the ETH Futures ETF in October 2023 , they approved something they are actively investigating 🤨
2- A judge in New York declared that a cryptocurrency wallet is not a money transfer service and it does not control users' assets. However, in its attempt to classify these crypto wallets as remittance services that require registration, the SEC is offending the judge and making an odd comparison:
"The USB cable transfers data from one device to another, and the frying pan transfers heat from the stove to the pan, although neither situation involves 'controlling' what is being transferred."
If they bend the definition too much, anything that could be considered a security like art, watches, collectibles and a lot of financial activities could fall under the umbrella of money transfer services and need to be registered. Sign like a law office making property ownership papers.
The question is, why did Gary Gensler take such a big risk just to win the lawsuit with Coinbase and just to classify ETH as a security?