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Former SEC Chairman Gary Gensler May Have Saved This Altcoin From Disaster – Documents Revealed
By: bitcoin ethereum news|2025/05/08 18:30:02
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According to recent SEC internal documents shared by Coinbase, the New York Attorney General’s Office has requested that Ethereum (ETH) be officially classified as a security in 2023 during a lawsuit filed against cryptocurrency exchange KuCoin. Shamiso Maswoswe, Director of the New York State Bureau of Investor Protection, requested an amicus brief (friend of the court) to this effect in an email to the SEC. Maswoswe said, “While this issue is not a determining factor in the case, it would be more beneficial for investor protection if the court recognized ETH as a security.” However, the SEC did not officially respond to the New York prosecutors’ request and remained unclear about Ethereum’s legal status. The documents reveal that the SEC initially considered Ethereum a commodity, but wavered after the network switched to Proof of Stake (PoS). New York State has a unique structure when it comes to financial regulation, with the state’s Department of Financial Services overseeing both securities and commodities trading. However, pressure on crypto regulations in the US has eased since the Trump administration appointed crypto-friendly Paul Atkins to head the SEC. *This is not investment advice. Source: https://en.bitcoinsistemi.com/former-sec-chairman-gary-gensler-may-have-saved-this-altcoin-from-disaster-documents-revealed/
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