Chair

Apple

Gary

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Rep. Ritchie Torres (D-NY), one of the strongest pro-crypto voices within the Democratic Party, recently <a href="https://x.com/RepRitchie/status/1836464512003641684" rel="noopener noreferrer nofollow">spoke</a> about the legal status of Ethereum (ETH) during a congressional hearing, arguing that the second-largest cryptocurrency should not be classified as a security.&nbsp;
"The textbook example of a security is a stock. If I invest in the Apple stock, it means that I am expecting a profit from the managerial efforts of Apple, the company. If I buy Ether, from whose managerial efforts am I expecting a profit," Torres asked.&nbsp;
Dan Gallager, a former commissioner of the Securities and Exchange Commission, stated that there was no Ethereum equivalent of Apple (the company).&nbsp;
As&nbsp;<a href="https://u.today/sec-signals-that-ethereum-is-not-security" rel="noopener noreferrer nofollow">reported by U.Today</a>, the SEC recently conceded that Ethereum is not a security by permitting trading platform eToro to remain on the platform alongside Bitcoin and Bitcoin Cash. However, this was part of a private settlement with eToro, meaning that this case is not precedential.&nbsp;
SEC Chair Gary Gensler has repeatedly refrained from publicly commenting on the legal status of Ether.&nbsp;
<h2 id="ignoring-robinhood">Ignoring Robinhood&nbsp;</h2>
Gallagher, who now serves as the chief legal officer at Robinhood, claims that his company had over a dozen meetings and calls over a year and a half. However, the SEC still ended up receiving a Wells notice.&nbsp;
During the hearing, the former SEC commissioner claimed that the agency's staff was non-responsive to the company's repeated requests for guidance.&nbsp;
Gallagher has criticized the commission's aggressive stance while also calling for establishing a basic regulatory regime for digital assets.

Is Ether a Security? Congressman Explains Why It's Not the Case

Table of Contents

U_Today

Other articles published on Sep 19, 2024

DeltaPrime DeFi Protocol Lost $5.9M in Ongoing Exploit: Report

Arthur Hayes Warns of Financial Risks and Sees Opportunities in DeFi

What Is Donald Trump’s New Crypto Project, World Liberty Financial?

Decentraland X Account Hacked in MANA Airdrop Phishing Scam

DeltaPrime DeFi Protocol Lost $5.9M in Ongoing Exploit: Report

Most Trending Cryptocurrencies on Polygon – Argocoin, Rogue Coin, Sponge

Join our free newsletter for daily crypto updates!