Political winds in Washington D.C. changed drastically this week, giving hope for the approval of spot ether ETFs, but that does not appear to have changed the stance of the Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, about cryptocurrency.

Gensler reaffirmed his view that most cryptocurrencies are securities when speaking publicly on Thursday. His comments come as many predict that spot Ether ETFs will be approved later in the day.

“There are about 15,000 or 20,000 tokens in this space. They don't function as currency,” Gensler said. “Without any predetermined token, they usually have a group of entrepreneurs, and the public is looking at the white papers, looking at the websites, looking at those groups of entrepreneurs and investing based on that group of entrepreneurs. And so it fits the classic Supreme Court criteria on securities.”

“Not every token is a security… but I believe that, again by no means, most are,” Gensler added when asked about the SEC's ability to regulate cryptocurrencies.

Earlier this week, Gensler condemned the Financial Technology and Innovation for the 21st Century Act, also known as FIT21. He argued that the act weakens the classification of crypto assets as investment contracts, thereby removing them from SEC oversight.

On Wednesday, the House of Representatives voted 279 in favor and 136 against to pass FIT21. The White House has said it opposes the legislation but has not gone so far as to say it will veto it. Meaning that if the Senate approves it, Joe Biden will sign it into law.

Gensler's insistence that most cryptocurrencies are securities comes as the market expects spot Ethereum ETFs to be approved on Thursday, which will be seen as a big win for those Cryptocurrency advocate.

Since the beginning of the week, there have been rumors that both Republican and Democratic lawmakers, along with President Joe Biden's administration, are aware of the importance of the cryptocurrency issue to American voters. before the upcoming elections.

That perception appears to be leading to the prospect of both new policy and the approval of spot ether ETFs, which for weeks were not expected to be approved.


Source: https://tapchibitcoin.io/chu-tich-sec-nhac-lai-rang-hau-het-cac-loai-tien-dien-tu-deu-la-chung-khoan-truoc-quyet-dinh- sap-toi-ve-etf-ethereum.html