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Home » SEC closes investigation regarding Ethereum Law Decoded
SEC closes investigation regarding Ethereum Law Decoded
SEC closes investigation regarding Ethereum Law Decoded
Ethereum

SEC closes investigation regarding Ethereum Law Decoded

06/24/20242 Mins Read
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The United States Securities and Exchange Commission (SEC) recently concluded its investigation into whether Ether should be classified as a security. Consensys lawyer Laura Brookover stated that the SEC will no longer argue that Ether is a security. This decision came in response to pressure to lift subpoenas on Consensys, following recent approvals for Ether exchange-traded funds (ETFs) based on Ether being considered a commodity rather than a security.

Although Consensys claims the SEC’s approval of spot Ether ETFs signals a shift in classifying Ether as a commodity, the Commission itself has not confirmed this publicly. An SEC spokesperson declined to comment on the matter of a possible investigation. Despite the approval for a spot Ether ETF, Carol Goforth, a professor specializing in securities regulation, believes this does not necessarily mean Ether is classified as a commodity, as ETFs with commodities as underlying assets already exist.

In other news, the Central Bank of Iran (CBI) has launched a pilot program for a national digital currency (CBDC) targeting domestic micropayments. The digital rial will be available for banking customers and tourists on the island of Kish, a popular tourist destination in the Persian Gulf. Tourists visiting Kish, a free trade zone, can use the digital rial to pay for goods and services using barcode scanning technology.

Cryptocurrency exchange Uphold has announced the delisting of six stablecoins from its European market to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA). Users holding these stablecoins must convert them to another cryptocurrency before June 28, as Uphold will automatically convert them to USD Coin after that date. MiCA imposes stricter regulatory requirements on fiat-backed stablecoins and prohibits algorithmic stablecoins.

Italy plans to increase surveillance of the crypto markets in line with the MiCA regulatory framework. The new regulations aim to prevent insider trading and market manipulation schemes, with fines ranging from 5,000 to 5 million euros depending on the severity of violations. Blockchain firms are facing tough decisions to comply with the regulations, while decentralized finance protocols must choose between full decentralization or adhering to Anti-Money Laundering and Know Your Customer regulations.

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KiloEX Exchange Exploiter Returns $5.5 Million Days Following $7.5 Million Hack

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