Prominent crypto market observer and founder of venture fund Cinneamhain Ventures, Adam Cochran, took a dig at SEC Chair Gary Gensler over the latter's stance on Ethereum ETH/USD being a security.
What Happened: Cochran, one of the fiercest critics of Gensler, took to social platform X mocking the SEC Chief's duplicitous position on categorizing cryptocurrencies as securities.
He wrote, "I'd love to see @iampaulgrewal ask @GaryGensler in court to explain the difference between ETH (a non-security) and the countless assets he claimed are securities in their cases." Cochran went to the extent of saying, "His meltdown would be historic."
Cochran mentioned Paul Grewal, Coinbase’s Chief Legal Officer — an outspoken critic of Gensler himself who has maintained throughout that Ether is a security. He had previously remarked that the regulator has “no good reason” to deny the ETF applications
Why It Matters: Cochran's remarks come as the SEC reportedly moved forward with the spot Ether ETF applications, asking issuers to revise their 19b-4 filings.
This move, combined with Bloomberg analysts boosting their odds of a spot ETH approval, has prompted experts to assume that the SEC no longer considers ETH security.
Several reports in recent months have alleged a planned move by the SEC to brand the cryptocurrency as a security. Gary Gensler has tiptoed around the issue, leaving an element of uncertainty regarding the SEC's actual position.
Image from Shutterstock and Third Way Think Tank on Flickr
Price Action: At the time of writing, ETH was exchanging hands at $3,648.03, following a 16% bounce in the last 24 hours, according to data from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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