Main navigation

No SEC Meeting on Ethereum’s Status as Security  

Tue, 05/08/2018 - 18:18
article image
Urvashi Verma
Investors’ fears regarding the future of Ethereum seem to have subsided
No SEC Meeting on Ethereum’s Status as Security  
Cover image via U.Today
Read U.TODAY on
Google News

Investors’ fears regarding the future of Ethereum’s classification as a security by the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) seem to have subsided, at least for now.

After the WSJ released a story May 1 that the regulating bodies were examining whether "other widely traded cryptocurrencies should be regulated" as securities, specifically Ethereum, investors remained wary of further regulatory hurdles.


A working group of regulators including senior SEC and CFTC officials were scheduled to discuss the matter on May 7, according to the WSJ report.

However, a meeting was not scheduled on either regulatory body’s calendars this week.   With no announcement or confirmation of a session from either agency, leaves many wondering about the accuracy WSJ’s published details.

John McAfee, the founder of McAfee Associates, anti-virus software company, took to Twitter yesterday posting:  

"The SEC made us fear Ethereum because Bitcoin was so obviously just a currency and out of their realm. They want to crush crypto, so the only way to scare us is to frown at Ethereum. The legal field is clear: Fish will ride bicycles before Ethereum could be called a security."  

Despite the report, Ethereum remained increased nearly 13 percent since last Tuesday and has settled at $739.53 after reaching a month high of $832 on Sunday, according to data collected by Coinmarketcap.

article image
About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.