James Seyffart Critiques Unregistered Ethereum
By pointing out Ethereum’s unregistered status, Seyffart criticizes the SEC for not taking a clear stance on the cryptocurrency. He highlights the lack of clarity in the regulatory body’s approach to Ethereum, questioning why it has not been classified as either a commodity or a security. He also mentions that despite the SEC’s hesitancy, financial giant BlackRock has filed for Spot Ethereum ETF, indicating growing institutional interest in Ethereum.
Kraken Vs SEC In Depth
On Tuesday, Nov 21, 2023, the US SEC filed a lawsuit against crypto exchange Kraken for illegally serving as a securities exchange without first registering with the authority. Jesse Powell, co-founder of Kraken, expressed his displeasure with the SEC’s actions. His concern suggests that crypto businesses may be forced to abandon the US market due to the high costs and time required to fight the SEC. Despite this, figures like XRP lawyer John Deaton, James Seffart, and CoinRoutes CEO Dave Weisberger have reacted positively to the situation. Kraken plans to fight back, claiming that the Government should decide how crypto exchanges should be regulated, and that the lawsuit would not affect its customers.
Hot Take: Bloomberg Analyst Seyffart Criticizes SEC and Highlights Kraken’s Plight
James Seyffart from Bloomberg Intelligence takes on the SEC, criticizing its approach to Ethereum and drawing attention to the lack of clarity in its stance. Meanwhile, the lawsuit filed against Kraken by the SEC has sparked concerns about the future of crypto businesses in the US market, yet it has also received positive reactions from industry figures. As the legal battle ensues, the fate of Kraken’s 10 million customers hangs in the balance amidst growing institutional interest in Ethereum.
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