Following the recent long-awaited update to the Ethereum network – which saw the network move from proof-of-work to proof-of-stake – SEC Chairman Gary Gensler spoke out about the change, hinting that it might be enough to push Ethereum out of its current legislative bracket and into that of securities.
“From the coin’s perspective…that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others. It looks very similar – with some changes of labelling – to lending.” The SEC has made it clear that crypto platforms offering lending services must register with it in order to operate legally. Meanwhile, in the case of digital commodities without these services, a bill is currently being scrutinized for approval by the US Senate, which would grant the CFTC extended powers when it comes to regulating cryptocurrencies.
However, critics argue that, unlike the SEC, the CFTC is unable to properly regulate such a large market, at least with its current resources.
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