{"id":197665,"date":"2023-11-21T16:15:25","date_gmt":"2023-11-21T10:45:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=197665"},"modified":"2023-11-21T16:15:25","modified_gmt":"2023-11-21T10:45:25","slug":"bloomberg-analyst-slams-sec-for-implicitly-accepting-ethereum-as-commodity-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bloomberg-analyst-slams-sec-for-implicitly-accepting-ethereum-as-commodity-crypto-news\/","title":{"rendered":"Bloomberg Analyst Slams SEC For Implicitly Accepting Ethereum As Commodity – Crypto News"},"content":{"rendered":"

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Bloomberg Intelligence research analyst, James Seyffart takes on SEC for suing Kraken on Tuesday. In a recent post, Seyffart said that the Kraken lawsuit looks similar to the Coinbase one. Touting cryptos like Solana, Cardano, Algorand, and other 13 major altcoins as security, the SEC alleged that these digital assets are still under scrutiny under the SEC\u2019s prior enforcement actions.<\/p>\n

James Seyffart Points Out on Unregistered Ethereum<\/h2>\n

Slamming SEC on their own game, Seyffart reveals that SEC has not taken any stance on Ethereum yet.<\/p>\n

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Neither listed it as a commodity, as SEC does with Bitcoin<\/a>, nor as a security. He satirically said that the SEC has accepted ETH as a commodity and has never imposed any charges on it.<\/p>\n

Taking a dig at the regulatory body, Seyffart draws attention to the irony of the SEC\u2019s actions, emphasizing the lack of clarity in their approach to Ethereum.<\/p>\n

Adding to the intrigue, Seyffart notes that financial giant BlackRock has filed for Spot Ethereum ETF<\/a>, suggesting a growing institutional interest in Ethereum despite the SEC\u2019s apparent hesitancy to take a clear stance.<\/p>\n

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Also Read: XRP Lawyer John Deaton Takes On SEC To Support Kraken Users<\/a><\/strong><\/p>\n

Kraken Vs SEC Till Now<\/h2>\n

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On Tuesday, Nov 21, 2023, the US SEC filed a lawsuit against crypto exchange Kraken<\/a> for illegally serving as a securities exchange without first registering with the authority.<\/p>\n

Jesse Powell, co-founder of Kraken, expressed his displeasure with the SEC\u2019s actions in a series of tweets. He characterized the regulatory body as tenacious and called into doubt the effectiveness of a $30 million settlement agreed in February.<\/p>\n

Powell\u2019s expression of concern about the high costs and time required to fight the SEC implies that crypto businesses may be forced to abandon the US market.<\/p>\n

Along with that, notable figures like XRP lawyer John Deaton, including James Seffart, and CoinRoutes CEO Dave Weisberger have reacted to it positively.<\/p>\n

Kraken plans to fight back, claiming that the Government should decide how crypto exchanges<\/a> should be regulated and that the SEC\u2019s view of digital assets is \u201cincorrect as a matter of law, false as a matter of fact, and disastrous as a matter of policy.\u201d The San Francisco-based exchange also stated that the lawsuit would not affect its more than 10 million customers.<\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Bloomberg Intelligence research analyst, James Seyffart takes on SEC for suing Kraken on Tuesday. In a recent post, Seyffart said that the Kraken lawsuit looks similar to the Coinbase one. Touting cryptos like Solana, Cardano, Algorand, and other 13 major altcoins as security, the SEC alleged that these digital assets are still under scrutiny under […]<\/p>\n","protected":false},"author":2,"featured_media":197666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-197665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/197665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=197665"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/197665\/revisions"}],"predecessor-version":[{"id":197668,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/197665\/revisions\/197668"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/197666"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=197665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=197665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=197665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}