The SEC’s recent approval of Ether ETFs listing has created a stir within the cryptocurrency investing community, initially raising investors’ hope. However, blockchain technology firm ConsenSys has not welcomed this move which has accused the regulatory body of inconsistent regulations toward them.
A recent post by ConsenSys on X provided another response to the recent development in the crypto space involving the approval of Ethereum ETFs. However, it added that it is another troubling example of the SEC’s approach to digital assets.
The blockchain firm went further to claim that the approval means that from the SEC’s view, Ethereum is more of a commodity than a security, a stance the firm says the SEC was still maintaining even before this week.
ConsenSys Battles SEC Over Ethereum’s Classification
A battle against the SEC in court will ultimately determine the nature of Ethereum. The blockchain firm hopes that the Sooners will classify Ethereum as a commodity, not a security.
Furthermore, ConsenSys’ MetaMask wallet is another aspect that has also caught the attention of the SEC. Accordingly, ConsenSys claims that MetaMask is not a product that participates in the financial industry; instead of being a financial product, it is a tool. The firm fears the crypto market will be damaged if ether is categorized as a security.
Remember that ConsenSys originally went to the SEC in March to argue Ethereum security after the request for the ETH ETF, comparing PoS to Bitcoin’s PoW superiority. As high as the expectations for an Ethereum ETF have been, the market looks rather ambiguous, with Ethereum rising in price briefly only to begin falling again.
SEC And Ethereum ETF Issuers Discuss S-1 Form
In recent news, the SEC reportedly initiated discussions of an S-1 Form with potential issuers of spot Ether exchange-traded funds (ETFs), sparking speculation about imminent approval. On the other hand, Grayscale, one of the largest digital assets fund managers, filed an initial 19b-4 for the company’s Ethereum Mini Trust.
