SEC Would possibly Be Backing Down on Ethereum: Bloomberg Analyst

• Crypto journalist Laura Shin’s Unchained Podcast featured Bloomberg analyst James Seyffart.
• Seyffart mentioned a possible shift within the SEC’s stance in the direction of Ethereum.
• Seyffart highlighted the SEC’s current approval of Ethereum futures exchange-traded funds.

In a current episode of crypto journalist Laura Shin’s Unchained Podcast, Bloomberg analyst James Seyffart mentioned a noteworthy growth suggesting a possible shift within the U.S. Securities and Change Fee’s (SEC) stance in the direction of Ethereum. 

Seyffart shared his perspective on the matter, pointing to the SEC’s current approval of Ethereum futures exchange-traded funds (ETFs). This transfer, in keeping with Seyffart, alerts a delicate acknowledgment by the SEC that Ethereum is perhaps thought of a commodity slightly than a safety.

Expressing his view, Seyffart emphasised that the SEC has implicitly accepted Ethereum as a commodity, particularly with the approval of Ethereum futures ETFs. He famous that if the SEC had been to reverse its stance and classify Ethereum as a safety, it will have important repercussions.

Seyffart talked about that reversing the stance might result in the delisting of Ethereum futures contracts and ETFs. This, in flip, wouldn’t solely trigger the SEC to combat in opposition to the trade but in addition in opposition to its sister company, the Commodity Futures Buying and selling Fee (CFTC).

Whereas Seyffart didn’t present particular odds, he prompt that the probability of Ethereum being categorised as a commodity is excessive. He additionally estimated that it might occur by 2024. 

SEC Chairman Gary Gensler, in keeping with Seyffart, acknowledges Bitcoin as a commodity whereas staying comparatively silent on Ethereum, not directly signaling a departure from treating it as a safety. Seyffart means that the SEC could also be selecting to not expend power on a chronic battle over Ethereum’s classification.