SEC Attempts to Classify Ether as Security; Apple Co-Founder Wozniak Wins Case Against YouTube
Summary:
The U.S. Securities and Exchange Commission (SEC) is attempting to classify Ether (ETH) as a security, a move that could lead to legislative conflict with the U.S. Commodity Futures Trading Commission. In parallel news, Apple Co-founder Steve Wozniak has won a court case against YouTube regarding fraudulent videos using his image. This victory could potentially change federal laws regarding liability for content on video streaming platforms. The SEC has also postponed decisions on multiple Ether ETF filings amid growing skepticism regarding their approval.
The U.S. Securities and Exchange Commission (SEC) is apparently taking steps to categorize Ether (ETH) as a security, a move which can potentially lead to a legislative showdown with the U.S. Commodity Futures Trading Commission. The SEC's quest to redefine Ether's status follows its ongoing examination of the Ethereum Foundation. This development comes amid the SEC’s decision to postpone its evaluation of various current Ether exchange-traded fund (ETF) submissions.
Simultaneously, Steve Wozniak, Apple's co-founder, triumphed in his legal case against YouTube over fraudulent videos making use of his image. The latest legal verdict allows Wozniak's lawsuit against YouTube to progress, possibly setting the stage for alterations on federal protections that currently shield video streaming platforms from liability associated with third-party content posted on their sites.
The SEC's continued research into Ether's potential status as a security commenced in 2022, after the network shifted from a proof-of-work to proof-of-stake approach. The move to regulate Ether could potentially lead to a jurisdictional disagreement with the U.S. Commodity Futures Trading Commission. Legislators have made attempts to clarify which regulatory authority should manage digital assets, but no law has yet been put in place.
In his lawsuit against YouTube, Wozniak, along with other high-profile figures such as Bill Gates, Elon Musk, and Michael Dell, claimed that the video-sharing platform allowed falsified videos promoting a Bitcoin scam to spread on the site. The falsified videos falsely promised viewers free Bitcoins and asked them to send Bitcoins to a specific address to receive double the amount in return.
While Wozniak sails through legal victories, the SEC continues to postpone its decisions on a series of Ether ETF filings. Analysts and commentators are increasingly doubtful about the approval of the currently proposed Ether ETFs. Bloomberg ETF analyst James Seyffart suggested that the chances for approval are gradually decreasing, citing inadequate communication between the SEC and the fund issuers as a primary cause.
The observations for Ether's ETF process contrast starkly with the previous spot Bitcoin ETF assessments, according to Bloomberg ETF analyst Eric Balchunas. He claims political factors and the SEC’s reticence contributed to the downgrade in the odds for the approval of an Ether ETF.
Note: No investment advice or recommendations are provided in this article. All investment and trading moves involve a degree of risk, and readers are advised to carry out their individual research prior to making any decisions. Reporting credits go to Geraint Price, Sam Bourgi and Felix Ng.
Published At
3/20/2024 11:08:46 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.