Gary Gensler, who is in charge of the U.S. Securities and Exchange Commission (SEC), spoke in front of the Senate Banking Committee on Thursday. He then helped the commission save its plan to take over the digital assets.
But while answering the Senate’s questions, SEC Chair went on to show what he thought about Ethereum, the second largest cryptocurrency in the world.
The SEC chair is looking at ETH?
In a tweet, Eleanor Terrett, a reporter for Fox Business, said that Gary Gensler of the SEC had indirectly said that he was going to take over Ethereum. This big change happened right after ETHs were moved from proof of work (PoW) to proof of stake (PoS) (PoS).
She said that in a reply, the SEC Chair said that a group of people or a common business is in the middle of something. Even though that token might be on a thousand computers, people who invest in them are still betting or counting on them. The group of developers can be said to be in the middle.
Terrett thought that a group of core developers made it possible for Ethereum Merge to happen. Even though the investors counted on them to do it right.
Does the SEC Chair want to hint that it’s a common business and, therefore, a security in his eyes?
XRP Lawyer Sees the Way Forward
Coingape had said earlier that the SEC could go after ETH the Post Merge. John Deaton, who was a “friend of the court” in the Ripple lawsuit, said that this change could be a risky bet on decentralisation. He suggested that the token could be taken by the commission.
He did say, though, that Gensler might use the Merge in the future to change Hinman’s comments about a “security.”
Terrett said that in the opening statement, the SEC chair said that the commission doesn’t add to the deficit because it gets money from fees on securities transactions. But it is collected at a rate that is meant to fully cover their budget.
To know more about Exchange Commission (SEC) then visit U.S. Securities and Exchange Commission agency Wikipedia official page.
Source: Google Trend