The Securities and Exchange Commission (SEC) remains locked in a fierce battle against the blockchain world, despite a recent public perception shift. In June, Consensys announced that the SEC was wrapping up its investigation into Ethereum 2.0 (ETH-USD). Many saw this as a sign that the SEC might be easing up. However, Cointelegraph reports that the SEC’s aggressive approach is still very much alive.
SEC’s Continued Hostility
Contrary to popular belief, the SEC isn’t backing off. The SEC recently rejected a proposal for a spot Ethereum exchange-traded product (ETP), showing it’s still firmly against some blockchain innovations. The SEC continues to pursue legal action against key players like Consensys and Uniswap (UNI-USD). According to CoinDesk, the SEC’s strategy involves calling many tokens securities, which forces blockchain developers to follow strict regulations.
JD Vance, a VP candidate, criticized this approach, saying it could push people towards riskier investments like meme coins instead of more useful blockchain projects. This criticism points out a problem with the SEC’s current methods.
Legal Setbacks for the SEC
The SEC’s recent legal troubles have added to the confusion. A judge in the SEC vs. Binance case found that the SEC’s claims were weak and not well-supported. This decision, reported by The Block, shows that some judges are starting to question the SEC’s approach.
What’s Next?
The future might bring big changes to the SEC’s tactics. Republican presidential candidate Donald Trump has criticized the SEC and promised to support blockchain innovation if elected. Bloomberg News notes that Trump’s stance has won support from major figures in the crypto world, like Marc Andreessen and Ben Horowitz.
Even if Trump wins, there’s a chance current SEC Chairman Gary Gensler could stay on as a commissioner, continuing his tough stance on crypto, according to CoinTelegraph. This possibility means the fight for clearer crypto rules is far from over.
