Cynthia Lummis Calls for Open Crypto Regulation After SEC Nod
Approval from the US Securities and Exchange Commission (SEC) Spot Ethereum ETF It has disrupted the cryptocurrency industry. Senator Cynthia Lummis (R-WY) called on Congress to create a clear regulatory framework for the industry. The move means cryptocurrency is increasingly recognized as a legitimate asset class and underscores the need for Congress to take action.
Cynthia Lummis Calls for Crypto Regulation After SEC Approval
The SEC’s approval, announced yesterday, paves the way for many Ether-based ETFs on major US exchanges. This follows the SEC’s consent decree in January. Spot Bitcoin ETFAnalysts believe this could increase investor access and liquidity in the Ethereum market, especially for institutional investors. Despite the positive news, the price of Ethereum fell from $3,800 to $3,700, underlining the volatility in the market.
Experts warn that the path to trading for these ETFs could take several weeks as the SEC reviews individual filings. Concerns about market volatility and consumer protection remain, leading Lummis to call for action from Congress. It remains unclear when Ether ETFs will begin trading as further approval from the SEC is required.
Industry experts praised the SEC’s approval as a win for crypto. Coinbase Chief Legal Officer Paul GrewaI stated this Ethereum it is now effectively recognized as a commodity. This long-held belief by the crypto community is supported by various regulatory authorities, including the Commodity Futures Trading Commission (CFTC) and federal court decisions. The SEC’s approval of Ethereum ETFs further solidifies this stance.
Sigel echoed Grewal’s thoughts and emphasized that Ethereum’s decentralized nature is an important factor in its classification as a commodity. This recognition by regulatory bodies and approval by the SEC marks an important step for the crypto industry and marks an important moment for Ethereum’s legitimacy in the financial market.
ConsenSys Criticizes SEC Despite Ether ETF Approval
In related developments, ConsenSys Although he welcomed the Ethereum ETF approval, he expressed concerns about the SEC’s regulatory practices. While Ethereum developers gave mixed reactions following the approval, ConsenSys criticized the regulatory watchdog. They argue that the SEC’s inconsistent regulatory approach points to the problem in regulating digital assets.
ConsenSys also criticized the agency, stating that the move unfairly targets the cryptocurrency market while hindering innovation in the digital asset space. The company’s criticism highlights ongoing tensions between the crypto industry and regulators.
So read: Michael Saylor Dragged For Failed Spot Ethereum ETF Prediction
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
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