Bittime - Forty-eight US lawmakers have sent a letter to US Securities and Exchange Commission (SEC) Chairman Gary Gensler asking for clarification regarding Ethereum's (ETH) status as a security.
They warned that the SEC's decision could have a far-reaching negative impact on digital asset markets.
Congressman Requests Clarification
In a letter to Gensler, US lawmakers expressed their concerns about the classification of ETH as a security, especially after Prometheum Inc.'s announcement. regarding ETH storage services. The letter was signed by 48 members of parliament, including several prominent names.
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ETH Classification Uncertainty
Despite history recognizing ETH as a non-security digital asset, Gensler has refused to clarify its status.
This caused confusion in the market, especially after Prometheum's announcement. The letter highlights the confusion created by Gensler's reluctance to clarify digital asset classifications.
Lawmakers highlighted the potential negative impacts of classifying ETH as a security, including restrictions on CFTC-registered commodity derivatives exchanges and the risk of price disruption.
They also point to possible violations of securities laws by entities offering securities futures products without proper registration.
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Question to Gensler
The letter contained a series of questions to Gensler, including whether ETH is considered a security or a commodity, the SEC's classification determination process, and whether CFTC-registered commodity derivatives exchanges violated federal securities laws by trading ETH derivatives.
Lawmakers expect a response from Gensler by April 9, 2024 to address confusion and uncertainty in the digital asset market .
In this way, US lawmakers highlighted the importance of clarification from the SEC regarding Ethereum's status to avoid possible negative impacts on the market.
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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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