Monday, July 14, 2025
No Result
View All Result
DOLLAR BITCOIN
Shop
  • Home
  • Blockchain
  • Bitcoin
  • Cryptocurrency
  • Altcoin
  • Ethereum
  • Market & Analysis
  • DeFi
  • More
    • Dogecoin
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Book
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Merch
    • Bitcoin Miner
    • Bitcoin Miner Machine
    • Bitcoin Shirt
    • Bitcoin Standard
    • Bitcoin Wallet
DOLLAR BITCOIN
No Result
View All Result
Home Ethereum

House GOP Pressures SEC To Clarify Ethereum’s Security Designation For Prometheum’s Custody

n70products by n70products
March 28, 2024
in Ethereum
0
House GOP Pressures SEC To Clarify Ethereum’s Security Designation For Prometheum’s Custody
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


In a joint effort, Republican lawmakers led by Home Monetary Providers Committee Chair Patrick McHenry and Home Agriculture Committee Chair Glenn Thompson have referred to as upon Securities and Trade Fee (SEC) Chair Gary Gensler to offer additional clarification on the company’s stance concerning the custody of Ethereum (ETH) by Prometheum. 

The lawmakers, together with Representatives French Hill, Dusty Johnson, Tom Emmer, and Warren Davidson, expressed issues over the dearth of transparency within the SEC’s Particular Goal Dealer-Seller (SPBD) regime and the potential ramifications of permitting Prometheum to proceed with its custody services for ETH.

Recognition Of Ethereum As Non-Safety

Of their letter despatched on Tuesday, the lawmakers emphasised the SEC and Commodity Futures Buying and selling Fee’s (CFTC) earlier recognition of Ethereum as a non-security digital asset. 

Primarily based on this precedent, they identified that the SEC’s present regulatory framework doesn’t allow SPBD custody of non-security digital property. The lawmakers additionally warned that permitting Prometheum to proceed underneath these circumstances might have “irreparable penalties” for the digital asset markets.

The Republican lawmakers urged Chair Gensler to make clear the SEC’s place on a number of key features, together with the power of SPBDs to custody non-securities, the SEC’s method to addressing SPBD non-compliance, Ethereum’s regulatory classification, and the SEC’s particular stance concerning Prometheum’s current announcement.

The letter additional raised issues concerning the lack of a transparent definition for “digital asset securities” and the SEC’s failure to offer complete steering or suggest guidelines for asset classification throughout the digital asset market. 

The lawmakers additionally expressed their disappointment with Chair Gensler’s refusal to acknowledge Ethereum as a non-security digital asset, stating that his “unwillingness” to make clear the therapy of ETH has contributed to the confusion and uncertainty surrounding its classification.

Lawmakers Urge Decision

The lawmakers criticized the SEC for creating “uncertainty” amongst regulated entities by failing to determine which digital property must be thought of “digital asset securities.” 

They referenced momentary frameworks established to facilitate buying and selling and custodial providers for digital asset securities. The SEC’s Division of Buying and selling and Markets issued a no-action letter to FINRA in September 2020 outlining circumstances for registered broker-dealers to function an Various Buying and selling System (ATS) buying and selling digital asset securities. The letter additional reads:

Regardless of this historical past of recognizing Ethereum as a non-security digital asset, you might have constantly refused to acknowledge that ETH just isn’t a safety. In your March 2023 testimony earlier than the Home Committee on Monetary Providers you declined to reply a number of questions on whether or not ETH must be thought of a commodity. Your unwillingness to make clear the therapy of ETH solely exacerbates the confusion and uncertainty concerning ETH’s classification as demonstrated by the Prometheum announcement.

Finally, the letter careworn the necessity for regulatory readability and a complete method to digital asset classification to reduce uncertainty and foster progress throughout the digital asset ecosystem. 

They referred to as on Chair Gensler to handle their issues promptly, contemplating the potential implications for market individuals and the broader digital asset markets. 

Chair Gensler and the SEC have but to reply to the letter formally, however the trade awaits additional developments because the regulatory panorama for digital property continues to evolve.

Ethereum
The 1-D chart exhibits ETH’s value drop over the previous 24 hours. Supply: ETHUSD on TradingView.com

Featured picture from Shutterstock, chart from TradingView.com 



Source link

Tags: ClarifyCustodyDesignationEthereumsGOPHousePressuresPrometheumsSECSecurity
Previous Post

Bitcoin ETF Inflows Could Eclipse $1 Trillion, Predicts Bitwise CIO

Next Post

Ethereum Price Momentum Reignites As The Bulls Aim For $4K

Next Post
Ethereum Price At Make-Or-Break Moment, Decoding Key Hurdles To More Gains

Ethereum Price Momentum Reignites As The Bulls Aim For $4K

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Premium Content

DeepSeek Predicts Bitcoin Peak At $500,000: Here’s When

DeepSeek Predicts Bitcoin Peak At $500,000: Here’s When

January 28, 2025
Why traders are fleeing Dogecoin even as Bitcoin, Ethereum stay strong

Why traders are fleeing Dogecoin even as Bitcoin, Ethereum stay strong

July 3, 2025
Bitcoin Bulls Eye Comeback After $10 Billion Liquidation Shakeout—Analyst

Bitcoin Bulls Eye Comeback After $10 Billion Liquidation Shakeout—Analyst

March 17, 2025
BlackRock Increases Bitcoin Holdings, ETF Now At $1.6 Billion

BlackRock Increases Bitcoin Holdings, ETF Now At $1.6 Billion

January 25, 2024
Dogecoin To Double Its Price If This Barrier Breaks, Analyst Predicts

Dogecoin To Double Its Price If This Barrier Breaks, Analyst Predicts

December 17, 2023
Why Bitcoin Seasoned Investors Are Accumulating — Analyst Evaluates BTC’s Current Phase

Why Bitcoin Seasoned Investors Are Accumulating — Analyst Evaluates BTC’s Current Phase

March 30, 2025

Recent Posts

  • Pump.fun Raises $500,000,000 After Initial Coin Offering Sells Out in Just 12 Minutes
  • Tokenised stocks may not be for everyone, but they are for anyone
  • Why No Major Dips Are Expected From Here

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Blog
  • Cryptocurrency
  • DeFi
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • NFTs
  • Regulations
  • XRP

Recommended

Tokenised stocks may not be for everyone, but they are for anyone

Tokenised stocks may not be for everyone, but they are for anyone

July 14, 2025
Why No Major Dips Are Expected From Here

Why No Major Dips Are Expected From Here

July 14, 2025

© 2023 Dollar-Bitcoin | All Rights Reserved

No Result
View All Result
  • Home
  • Blockchain
  • Bitcoin
  • Cryptocurrency
  • Altcoin
  • Ethereum
  • Market & Analysis
  • DeFi
  • More
    • Dogecoin
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Book
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Merch
    • Bitcoin Miner
    • Bitcoin Miner Machine
    • Bitcoin Shirt
    • Bitcoin Standard
    • Bitcoin Wallet

© 2023 Dollar-Bitcoin | All Rights Reserved

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
💵 Turn Every Dollar Into Crypto Rewards! Wirex lets you spend dollars or bitcoin — and get up to 8% back in crypto instantly. 💸 Exclusive offers dropping soon — stay tuned!
“Offers Launching Soon”
This is default text for notification bar
Learn more
Go to mobile version