👉👉👉 Impact of shifting SEC policy on $ETH ‘yet to be seen’ — Consensys SC
Bill Hughes, senior counsel at Consensys, discussed the firm's lawsuit against the SEC and the potential impact of political changes on crypto regulations at the Consensus 2024 conference.
Hughes highlighted uncertainties around how the evolving political landscape might influence Consensys' case against the SEC over Ether (ETH). Recent legislative progress, spot Ether ETF approvals, and digital assets becoming key issues for presidential candidates mark significant developments. He viewed the approval of spot Ether #ETFs as a positive step, though its impact on SEC investigations remains unclear.
In April, Consensys sued the SEC, alleging plans to regulate ETH as a security following a Wells notice about #Metamask Swaps and Staking products. The lawsuit came before the SEC's approval of filings to list and trade spot Ether ETFs, suggesting ETH's recognition as a commodity.
Hughes questioned how political changes might affect SEC decisions, expressing doubts about major regulatory shifts. He suggested the approval of spot Ether ETFs might be the only favorable action from the SEC for crypto.
The U.S. Senate is set to consider the Financial Innovation and Technology for the 21st Century Act (FIT21), aiming to clarify the SEC's role over digital assets and provide the Commodity Futures Trading Commission (#CFTC ) a framework for regulating tokens as commodities.
Hughes speculated on internal SEC politics driving policy decisions, with external pressures potentially influencing outcomes. Chair Gensler indicated that the SEC would take time to approve S-1 registration statements for spot Ether ETFs, with ETF analyst Eric Balchunas predicting a July 4 launch.
In summary, political and regulatory changes continue to influence Consensys' lawsuit against the SEC and the broader crypto regulatory environment.
Source - cointelegraph.com
