Gary Gensler, U.S. Securities and Exchange Commission (SEC) Chair on Thursday testified in front of the Senate Banking Committee. He went on to save the commission’s take over the digital assets.
However, amid answering the Senate’s queries, SEC Chair went on display his stance on the world’s second largest crypto, Ethereum.
SEC chair targeting ETH?
Eleanor Terrett, a Fox Business journalist in a tweet suggested that SEC’s Gary Gensler indirectly revealed his take over Ethereum. This big development has come just after the historic transaction of ETHs from proof of work (PoW) to proof of stake (PoS).
She state that SEC Chair in a reply said that a common enterprise or a group of individuals is in the middle of something. While the investing public is betting or counting on them even after that token might be on a thousand computers. It can be said that the group of developer are in the middle.
Terrett proposed that Ethereum Merge was pulled off by a class of core developers. While the investors were counting on them to execute it rightly.
Meanwhile, Does SEC Chair want to incline that it is a common enterprise, thus it can be a Security in his sight?
XRP Lawyer predicts road ahead
Earlier, Coingape reported that SEC might go after ETH the Post Merge. John Deaton, Amicus Curiae in the Ripple lawsuit suggested that this transition can be a dangerous bet on decentralisation. He proposed that the commission can go after the token.
However, he added that Gensler later may use the Merge as a basis to alter Hinman’s comments over a “security”.
Terrett mentioned that the SEC chair in the opening statement said that, the commission is deficit neutral, collecting fees on securities transactions. However, it is collected at a rate intended to fully offset their appropriation.