Gary Gensler, the Chair of the Securities and Exchange Commission, has reiterated his belief that many cryptocurrencies fall under existing securities laws, despite resistance from the industry. Speaking at the 2023 Securities Enforcement Forum, Gensler emphasized that crypto firms are subject to the same regulations as traditional finance. He also commented on the ongoing speculation surrounding pending applications for spot bitcoin ETFs, which the regulator has yet to approve. The SEC has brought several cases against crypto firms over the past year, often citing the Howey Test to determine whether transactions are investment contracts and therefore subject to securities laws.
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SEC Chair Gensler Stands Firm on View that Many Cryptocurrencies are Subject to Securities Laws
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The US SEC has returned the S-1 form to the potential Ethereum ETF issuer with a few comments, asking it to fix the problem and resubmit.
The US Securities and Exchange Commission has returned the S-1 form to the potential Ethereum ETF issuer with some comments, asking them to address the issues and resubmit. Sources say that at least one more round of review is needed before these measures can take effect. The issuer has reportedly been asked to address these comments and resubmit before July 8th. Sources note that this will not be the final declaration after the form is returned, meaning that at least one more declaration is needed before the ETF can begin trading.
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