SEC's Ethereum Spot ETF Approval Implies Staked ETH Not a Security
CryptoNewsTerminal Staff21 May, 2024
SEC's Ethereum Spot ETF Approval Implies Staked ETH Not a Security
Jake Chervinsky, chief legal officer at Variant, a crypto investment firm, announced on Twitter that "if the SEC approves a spot #ethereum ETF, it will need to acknowledge that unstaked ETH is not a security." He further stated that this would represent "a major policy shift for the SEC, which has so far resisted calls to recognize cryptocurrencies other than $BTC as commodities." According to Bloomberg, citing anonymous sources, the SEC is inclined to approve a spot #ethereum exchange-traded fund. This decision has significant implications for the cryptocurrency industry, as it suggests a shift in the SEC's stance on the classification of crypto assets. If the SEC recognizes unstaked ETH as a non-security, it could pave the way for wider adoption and regulatory clarity within the crypto market.
