The United States Securities and Exchange Commission is attempting to classify ETH, the world’s second-largest cryptocurrency, as a security.
The move to classify ETH as a security is being seen as an attempt to scuttle the approval of a spot Ethereum ETF, something the SEC is reluctant to give the green light for.
SEC Looking For An Excuse To Not Approve ETF
The United States Securities and Exchange Commission is running an energetic legal campaign to classify Ethereum as a security, according to the companies that have received subpoenas related to an ongoing investigation. According to reports, at least three companies have received subpoenas seeking information about the Ethereum Foundation. The Ethereum Foundation is a Swiss-based nonprofit entity that plays a key role in developing and promoting the Ethereum blockchain.
The news comes as a major blow to the crypto industry’s hopes of securing approval of spot Ethereum ETF applications filed by the likes o
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