Consensys has lauded the U.S. Securities and Exchange Commission’s approval of 19b-4 filings for spot ether exchange-traded funds as “a step in the right direction.” However, the software firm expressed its disapproval of what it calls the securities regulator’s “deliberate regulatory abuse” in its handling of ethereum.
Consensys Hails Spot Ether ETF Approval, Slams SEC’s ‘Deliberate Regulatory Abuse’
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
The SEC’s Inconsistent Approach to Digital Assets
The software firm Consensys has described the U.S. Securities and Exchange Commission’s (SEC) approval of a spot ethereum exchange-traded fund (ETF) as “a step in the right direction.” In a statement, Consensys however criticized the regulator’s inconsistent approach to digital assets, which has seen the SEC abruptly change its stance on a spot ether ETF.
Consensys’s comments came hours after the SEC made the previously unexpected decision to approve the ether ETF. As reported by Bitcoin.com News, the U.S. securities regulator approved pivotal 19b-4 filings for spot Ether ETFs on May 23. The approval is expected to pave the way for asset management firms such as Grayscale and Bitwise to list their respective ether ETFs.
The SEC Stifling Innovation
However, despite welcoming the decision, Consensys criticized what it called the SEC’s inconsistent approach to digital assets. The software firm suggested that ether is the only asset subjected to the SEC’s unpredictable tactics.
“No other industry, market, or asset is subject to such deliberate regulatory abuse. It is unfair to market participants, antithetical to the rule of law, and handcuffing innovation,” Consensys said.
In a May 24 post on X, the software firm contended that the approval signifies the SEC now views ETH as a commodity, not a security. Consensys advances a similar argument in its lawsuit against the SEC, which it says is an attempt “to stop its unlawful power grab.”
According to Consensys, this power grab jeopardizes the United States’ status as a “leader of the internet’s next generation” and enables hostile foreign adversaries to take the lead. To prevent this from occurring, Consensys stated it will persist in its fight for definitive regulatory clarity in its case.
What do you make of Consensys’ statement on approval of a spot ether ETF? Share your opinions in the comments section below.
