JPMorgan Managing Director Nikolaos Panigirtzoglou believes that the release of the Hinman docs by the SEC will have a significant impact on future crypto regulation. These internal discussions and emails, which took place before Former SEC Official Willian Hinman’s speech in 2018, will likely influence how cryptocurrency regulation is carried out by the U.S. Congress. Panigirtzoglou suggests that the speech will help Ethereum avoid being designated as a security. He points out that SEC officials had reservations about Hinman including a direct statement on Ethereum in his speech because it could complicate future positions on the matter. Panigirtzoglou also believes that the SEC’s decision to target Ethereum’s competitors this year while refraining from acting against Ethereum can be attributed to Hinman’s declaration about decentralization. He suggests that Ethereum could potentially be regulated as a commodity by the CFTC, with additional restrictions and investor protections. Panigirtzoglou anticipates that the release of the Hinman docs will encourage major cryptocurrencies to become more decentralized to avoid being classified as securities. Ripple CEO Brad Garlinghouse has also criticized the SEC’s enforcement approach following the release of the Hinman docs. He believes that the lack of regulatory clarity has been weaponized by the SEC and led to charges against Ripple for conducting an unregistered securities offering.
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