SEC Drops the case against Ethereum!!!!

By TwoDogsCaged | TwoDogsCaged | 19 Jun 2024


I have to say, I am not surprised Ethereum is not a security. I am surprised that the SEC gave up the fight to try to make it a security.

I came across this article today: https://cointelegraph.com/news/sec-to-drop-ethereum-investigation-says-consensys

Now, I have written in the past that all, or almost all of the various cryptocurrencies are commodities, not securities. I am in some ways surprised that the SEC gave up. THEY GAVE UP.

What I am not surprised by is that they did not drop all of their investigations into all of the 13 listed cryptocurrencies as to whether or not they are securities. I mean the US Congress recently passed a measure stating they are commodities, and gave crypto regulation responsibilities to the CFTC. Here is an article talking about the passing of FIT21: https://www.reuters.com/world/us/us-securities-regulator-urges-against-crypto-bill-adoption-2024-05-22/#:~:text=The%20Republican%2Dsponsored%20Financial%20Innovation,help%20promote%20the%20industry's%20growth. 

Also, something that I think influenced the SEC is that there are major political players stating their beliefs that President Biden's opposition to cryptocurrency may play a role in him losing the upcoming election. I am not saying he will lose, but it is a popular theory as of now. I think the SEC will hedge their bets on President Bidet remaining in office. If he loses to Trump, things should move quickly in terms of the SEC trying to make up things as they go in terms of the keystone cops enforcement of cryptocurrency.

This is more good news, and I believe the rest of cryptocurrency will be identified as commodities as FIT21 stated, and as the SEC just announced regarding Ethereum.

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TwoDogsCaged
TwoDogsCaged

Cryptocurrency is a fascinating idea, one that has many confused, scared and dismissive of the concept. However, it also is intriguing and likely a large part of the future.

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