Sat, April 27, 2024 at 17:00

• 

  Kang-hoon

  • Good day, Annie.

  • I have some news about Ethereum (ETH) and a lawsuit involving Consensys and the U.S. Securities and Exchange Commission (SEC).

  • 
• Annie

  • Oh, really?😮 What's the issue?

  
• 

  Kang-hoon

  • Well, the chief legal officer of Coinbase, Paul Grewal, has affirmed that Ethereum is a commodity, not a security.

  • He's praising Consensys for challenging the SEC's expansion of authority.

• Annie

  • Huh, so they're saying Ethereum is a commodity?🤔

  
• ADward

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• 

  Kang-hoon

  • Yes, that's correct.

  • Grewal stated that 'ETH is a commodity.

  • You know ETH is a commodity.

  • The CFTC (Commodities Futures Trading Commission) knows ETH is a commodity.'

  • He's urging the SEC to acknowledge this as well.

• Annie

  • Wow!

  • So what's Consensys' role in all this?

  
• 

  Kang-hoon

  • Consensys is filing a lawsuit against the SEC because they believe the regulatory agency is arbitrarily expanding its jurisdiction and hindering Ethereum's growth by classifying it as a security.

  • 
• Annie

  • Oh no!😱 That sounds serious!

  
• 

  Kang-hoon

  • Indeed, it is.

  • Consensys argues that the SEC has consistently mischaracterized blockchain technology and what is built on it as a shallow and doomed investment scheme, rather than recognizing it as the breakthrough technology it is.

• Annie

  • I see...😓 And what's the SEC's stance on this?

  
• 

  Kang-hoon

  • The SEC is currently deciding whether to approve or reject bids to create Ethereum exchange-traded funds (ETFs).

  • It was reported that the regulatory body would decide by May.

• Annie

  • So, this could have a big impact on Ethereum's future, right?😟

  
• 

  Kang-hoon

  • Yes, it could.

  • The outcome of this lawsuit and the SEC's decision on Ethereum ETFs could significantly affect Ethereum's stability and growth.

  • 
• Annie

  • Hmm...🤔 So, is this news good or bad for Ethereum?

  
• 

  Kang-hoon

  • In the short term, it may cause some uncertainty in the market.

  • 

  • However, if Ethereum is recognized as a commodity, it could potentially open up new opportunities for growth.

  • So, I would say it's good news.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.