The cryptocurrency market received significant news this week with the approval of spot Bitcoin ETFs by the commission. Despite the approvals, it’s evident that they were not granted wholeheartedly. SEC Chairman Gensler had already indicated the reluctance in his lengthy announcement. He is now making further statements regarding the matter.
In a recent interview, SEC Chairman Gensler stated that most cryptocurrencies are considered securities by law, and it’s essential for everyone to be aware of this. He warned that all platforms serving US citizens must comply with federal laws in this regard, or they might face consequences. Gensler has resumed his threatening rhetoric today, even suggesting that Ethereum could be classified as a security after its transition to Proof of Stake (PoS).
On the day of the ETF approval, the SEC removed the announcement from their site, followed by a message emphasizing that they do not accept or legitimize Bitcoin, yet they approve the ETFs. The influence of pressure from the GBTC lawsuit and the negative stance from Congress is apparent. SEC Commissioner Peirce hinted that the SEC should be ashamed of treating cryptocurrencies differently than other assets for the past decade.
The SEC is expected to intensify its actions against altcoins in the future. However, the commission will likely expend most of its energy seeking a decisive victory in the ongoing XRP Coin case.
