A tempest in a teapot, I say! A U.S. lawmaker, bless his cotton socks, is giving the Securities and Exchange Commission (SEC) what-for! He’s demanding they cough up the documents on this Ethereum business. Seems they can’t decide if it’s a security or a samovar!
The Curious Case of Ethereum: A Bureaucratic Ballet 💃
Good heavens! Representative William Timmons (R-SC), a man of principle, no doubt, has penned a missive to the SEC’s grand poohbah, Chair Paul Atkins. He’s requesting documents about the SEC’s on-again, off-again romance with Ether (ETH). The letter, dated June 10, reads like a Chekhov play – full of existential angst and regulatory confusion. Timmons rightly points out the SEC’s “zigzagging approach.” One moment, it’s comrade, the next, it’s a capitalist pig! 🐷
Our esteemed Timmons recalls a time, back in 2018, when a high-ranking SEC official, probably after one too many vodkas 🍸, declared that ETH was no security! But alas, in April 2023, former SEC Chair Gary Gensler, in a moment of high drama before Congress, clammed up tighter than a miser’s purse. He refused to clarify ETH’s status, sowing doubt like a farmer sows wheat. And then, just days before this spectacle, a formal investigation was launched, ominously titled “In the Matter of ETH 2.0.” A plot thicker than borscht!
But wait, there’s more! In May 2024, the SEC, in a move that would make even the most seasoned bureaucrat scratch their head, approved spot ETH exchange-traded funds (ETFs). An act only justifiable if ETH isn’t a security! Then, just to add to the absurdity, they concluded the ETH 2.0 investigation in June 2024. Such inconsistency! It’s enough to drive a crypto-market participant to drink! 😵💫 Timmons declares:
Disclosure of these documents is essential to ensuring that the digital-asset industry-and the American public-understand the SEC’s historical approach to interpreting and enforcing the securities laws.
The documents demanded include emails and attachments related to the “Analysis of Ethereum 2.0 under Howey,” emails to former Chair Gensler about the ETH 2.0 investigation, the case closing narrative, and emails with subject lines like “ETH-Security or Not” and “RE Is Ethereum a security.” One can only imagine the bureaucratic poetry contained within! 📜
Disclosing these documents will help Congress, market participants, and the public better understand how and why the SEC’s position on ETH shifted under Chair Gensler.
“It will also bring transparency to the shadow ‘regulation by enforcement’ approach that, for years under the prior Administration, hindered innovation and growth across the crypto industry,” the lawmaker declared, with the righteous fury of a man who’s just been shorted on his kvas! 😠
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2025-06-11 04:58