Gary, tell us what is Ethereum?

[safar1980]

Ethereum Redefined: JPMorgan Proposes Unique Categorization:
"As the digital currency landscape continues to evolve, it has become evident that the Securities and Exchange Commission (SEC) and other U.S. regulatory bodies are eager to redefine the government’s approach to regulating cryptocurrencies. However, despite the SEC’s lawsuits against Binance and Coinbase and calls for SEC restructuring from the Grand Old Party (GOP), a clear way forward still seems distant. Adding to the complexity gripping the blockchain industry, a team of JPMorgan strategists led by Nikolaos Panigirtzoglou has suggested that Congress place Ethereum (ETH) in a new “other category” instead of the rigid classifications proposed by the SEC for tokens like MATIC, SOL, ALGO, and others."

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[pawel7777]

Ethereum Redefined: JPMorgan Proposes Unique Categorization:
"As the digital currency landscape continues to evolve, it has become evident that the Securities and Exchange Commission (SEC) and other U.S. regulatory bodies are eager to redefine the government’s approach to regulating cryptocurrencies. However, despite the SEC’s lawsuits against Binance and Coinbase and calls for SEC restructuring from the Grand Old Party (GOP), a clear way forward still seems distant. Adding to the complexity gripping the blockchain industry, a team of JPMorgan strategists led by Nikolaos Panigirtzoglou has suggested that Congress place Ethereum (ETH) in a new “other category” instead of the rigid classifications proposed by the SEC for tokens like MATIC, SOL, ALGO, and others."

Thanks for sharing. But I don't quite understand their idea. "Other category" of what? Is it supposed to be another category of securities, or something other than securities/commodities? The latter would make much more sense, but now the question would be if it's not security nor commodity, would it be outside of SEC's jurisdiction? If so, would it require the creation of a separate regulatory body? Because I don't think this is likely to happen. And if SEC was to keep their authority over crypto despite them not being securities - then it's just handing them an extra powers, which is not something I am in favour of.

[Bushdark]

Gensler is a man that is losing focus, he just thought that everyone needs to dance according to his music when it is clear that he is only trying to confuse himself not the general public. Since his attack against the world largest exchange, his reputation had been falling and I am so surprised that he still thinks that we all care about his opinion about some certain things even if he is the president of SEC.

[zasad@]

Thanks for sharing. But I don't quite understand their idea. "Other category" of what? Is it supposed to be another category of securities, or something other than securities/commodities? The latter would make much more sense, but now the question would be if it's not security nor commodity, would it be outside of SEC's jurisdiction? If so, would it require the creation of a separate regulatory body? Because I don't think this is likely to happen. And if SEC was to keep their authority over crypto despite them not being securities - then it's just handing them an extra powers, which is not something I am in favour of.

This is analogous to the "grain deal" in Ukraine. When large companies own something, they will force politicians to stay away from the assets and make an exception. The rest of the crypto shit is not interesting to them. Or maybe they will buy it cheaply and again there will be a pump of some coins.

[zasad@]

https://www.theblock.co/post/259473/secs-gensler-stays-true-to-form-uses-wednesday-speech-to-say-crypto-is-full-of-fraud-scams-bankruptcies-and-money-laundering
SEC's Gensler stays true to form, uses Wednesday speech to say crypto is full of 'fraud, scams, bankruptcies and money laundering'
"SEC Chair Gary Gensler, who has said that crypto firms are subject to the same rules as traditional finance, reinforced his view on Wednesday in prepared remarks at the 2023 Securities Enforcement Forum.
Gensler said he was not surprised that the industry has issues with his stance given its “wide-ranging noncompliance.”"

[zasad@]

https://bitcoinist.com/ethereum-insider-gensler-covert-eth-involvement/
"Steven Nerayoff, a former advisor to Ethereum, has launched serious allegations against Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), accusing him of undisclosed involvement with ETH amidst the anticipation of an Ethereum Exchange-Traded Fund (ETF). Via a statement on X, Nerayoff’s remarks have reignited concerns around “ETH Gate,” suggesting Gensler’s actions reflect a deeper engagement with Ethereum and its regulatory status than openly acknowledged."

[zasad@]

https://cryptobriefing.com/gensler-confusion-ether-gop/
"Two GOP-led House committees seek to demand clarity from the Securities and Exchange Commission (SEC), specifically chair Gary Gensler’s position on Ether (ETH) as a security.

The House Financial Services Committee head, Rep. Patrick McHenry, and House Agriculture Committee Rep. Glenn “GT” Thompson released a press statement to query Gensler over the regulator’s overdue stance on Ethereum.

These actions came after Prometheum announced last February that it would begin offering custodial services to institutional clients for Ether. Prometheum will work on this offering through its subsidiary, Prometheum Capital, despite the SEC and CFTC recognizing ETH as a non-security digital asset.

“Your unwillingness to clarify the treatment of ETH only exacerbates the confusion and uncertainty regarding ETH’s classification […]” the lawmakers said.

The SEC’s longstanding ambiguity on whether ETH is a security has further fueled the uncertainty surrounding this issue. The SEC has rather famously withheld defining Ethereum, in contrast with other cryptocurrencies. Now, the regulator might be pressured to actually define Ethereum, which will have broad effects on the cryptocurrency industry in the U.S."