Ethereum
SEC Chairman Gary Gensler Shares Vital Information About the Future of Robinhood and Ethereum
SEC Chairman Gary Gensler’s recent interview with CNBC sparked a global crypto frenzy. His insights on pressing issues such as Robinhood’s Wells notice and the Ethereum security lawsuit, which could potentially shape an ETH ETF, have attracted considerable attention among crypto market participants.
SEC Chair on Crypto Regulation
In his interview with CNBC today, Gensler said that cryptocurrency is a small part of the US market. However, this is a gross scam and fraud in the commercial field.
Gensler observes that a significant portion of the cryptocurrency field is operating in a non-compliant manner, violating security protections and laws, which is a cause for concern. He also noted that mainstream financial media tend to overlook the vast capital markets, valued at $110 trillion, and focus instead on the smaller, more scrutinized part under the scrutiny of regulators.
At the same time, we talk about Robinhood receives notice from Wells, CNBC highlighted Vlad Tenev’s (Robinhood CEO and co-founder) post on X, which aimed to criticize the US SEC for stifling crypto innovation. On this subject, Gensler’s attention was drawn to the response of the CEO and co-founder of Coinbase to Tenev’s message, stating: “Welcome to the club.”
The Chairman responded that the US SEC has a responsibility to be a cop on the ground to ensure adequate regulation surrounding entities offering securities trading services. Wells’ notice reflects this and was therefore issued to Robinhood. Meanwhile, Gensler also claimed that many tokens are securities under the law of the land, considering issuing a Wells notice to Robinhood while also adding to speculation around Ethereum.
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Gensler on the security state of Ethereum
On the other hand, when asked about the opinion of the American SEC on Ethereum future title status, Gensler responded that investor protection remains the top priority and stopped short of offering a definitive answer. Currently, U.S. investors do not receive enough information about this market and intermediaries, Gensler said.
These comments about the future status of Ethereum as a security have left a veil of uncertainty, potentially impacting the launch of an ETH ETF. Meanwhile, Gensler also rationalized allegations of misleading Congress in his report. interview with CNBC.
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