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Ethereum

Expert Slams SEC Chairman For Lack Of Clarity On Ethereum’s Regulatory Status

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As discussion regarding Ethereum‘s status heats up, the United States Securities and Exchange Commission (SEC) Chairman Gary Gensler has come under fire from well-known cryptocurrency market watcher and Cinneamhain Ventures founder Adam Cochran for the continued lack of clarity surrounding Ethereum regulations.

Cochran’s criticism is focused on what he believes to be the SEC’s erratic and ambiguous position regarding Ethereum’s classification, which might be impeding innovation in the cryptocurrency landscape and causing a great deal of uncertainty.

Need For Gensler’s Emphasis On Ethereum’s Legal Status

The Cinneamhain Ventures founder Adam Cochran noted that he would like to see one of the other SEC cases moved forward right away, citing its case with Ethereum. 

Related Reading: Ethereum Regulatory Saga: Court Filings Expose SEC Chair Gensler’s Stand

He demands that Paul Grewal, the Chief Legal Officer (CLO) of Coinbase should ask Gary Gensler to clarify in court how ETH, which he believes is not a security, differs from several assets he has asserted are securities in their cases.

It is worth noting that ETH is currently being investigated by the SEC to determine whether it should be classified as a security. As a result, several companies have been served subpoenas by the Commission, requesting financial information and documentation pertaining to their interactions with the Ethereum Foundation.

Following Ethereum’s successful move to a proof-of-stake basis in September 2022, the investigation seems to have gathered momentum. This transition appears to have potentially impacted the asset’s status as the agency considers the transition similar to an investment contract.

Cochran might be insinuating that the SEC’s chairman may not be able to provide clarity on the matter, claiming that Gensler’s meltdown would be historic.

The founder has been a constant vocal critic of Gensler, blasting the chairman on multiple occasions. Adam Cochran previously called Gensler a political weasel, following news of the SEC demanding that ETH Spot Exchange-Traded Funds (ETFs) applicants update their 19b-4s filing.

Responding to the development Cochran highlighted that it stands as a big win for ETH regarding its status as a non-security asset. “Ethereum is not a security, you overreached and were forced into line, you political weasel,” he stated.

Qualified Figure To Replace Gensler

Adam Cochran is displeased with Gensler’s tenor and hopes to see the chairman step down someday soon, in order for someone more qualified and rational to take control.

Related Reading: JP Morgan Unveils Reason Ethereum May Not Be A Security

Thus, he cites the SEC’s Commissioner Hester Pierce as the right figure for the position, if the Biden-Harris administration gets tired of Gensler. “But, if not me, I would settle for someone rational and qualified, you know like Hester Peirce, who is already at the commission, engaged in topics, and a great way to show cross-aisle collaboration to court swing voters,” he stated

According to the founder, when financial regulation was not overseen by a self-serving clown like Gensler, many moderate and fiscal Republicans would be willing to vote.

Ethereum
ETH trading at $3,660 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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