As you may remember, Consensys, one of the biggest names in the Ethereum ecosystem, filed a lawsuit against the SEC last April on the grounds that it was trying to qualify Ethereum as a security.
In this case, Consensy asked the court to find that ETH is not a security.
While the case was ongoing, the SEC approved spot Ethereum ETF applications and made a major decision.
While this decision was welcomed by the market and investors, an ETF statement came from Consensys.
Accordingly, Consensys stated that they found the ETF approval decision correct and welcomed it, but argued that the SEC's sanctions against the cryptocurrency industry were unfair and hindered innovation.
“Regarding today's SEC decision:
While Consensys welcomes today's decision to approve ETH Spot ETFs as a step in the right direction, this seemingly last-minute approval is yet another example of the SEC's troubling ad hoc approach to digital assets.
No industry, market or asset other than the cryptocurrency industry is subject to such willful regulatory abuses. This restrictive stance by the SEC is unfair to market participants, contrary to the rule of law, and stifles innovation.
Today's approval demonstrates that the SEC considers ETH to be a commodity and not a security, contrary to the negative stance it continued to take prior to this week's events, as explained in our recent lawsuit against the SEC.
“We will continue to fight for definitive regulatory clarity on Ethereum, and we are pleased to see Congress' tremendous bipartisan effort to provide clear and sensible regulation.”
*This is not investment advice.