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SEC Scrutinizes Ethereum’s Security Status Amidst Crypto Turmoil, While Binance Founder Faces Jail Time and Bitcoin Holds Critical $60K Level

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Navigation Path: Home / Cryptocurrency / Recent Submission Uncovers the SEC Pondering Over Ethereum's Status as a Potentially Unauthorized Security Over the Past Twelve Months

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A recent document has shown that for more than twelve months, the U.S. Securities and Exchange Commission (SEC) has been examining the possibility that Ethereum might fall under the category of an unregistered security, as part of its ongoing scrutiny of the digital currency market for any breaches of securities regulations.

Ethereum ranks as the runner-up in terms of market value among cryptocurrencies, with Bitcoin holding the top position. Vitalik Buterin launched it in 2015, envisioning a distributed platform that supports the creation and operation of self-executing contracts and autonomous applications. This platform operates continuously without the risks of fraud or censorship, and without reliance on external parties for control.

The SEC's evaluation of whether Ethereum falls under the category of a security is based on the Howey Test. This benchmark is employed to assess if an asset should be classified as an investment contract, which would make it a security. According to the Howey Test criteria, an asset is deemed a security if it represents a monetary investment in a collective venture where the anticipated returns are primarily dependent on the work of individuals other than the investor.

Regarding Ethereum, it's said that the U.S. Securities and Exchange Commission is worried that the platform's initial fundraising event, known as an initial coin offering (ICO), might have been an illegal securities offering that wasn't registered properly. In recent times, initial coin offerings have attracted more attention from regulatory bodies globally, with authorities taking action against various initiatives that do not adhere to the regulations governing securities.

Should the U.S. Securities and Exchange Commission (SEC) deem Ethereum a security, the ramifications could extend across the entire crypto sector. A multitude of other digital currencies that raised capital via Initial Coin Offerings (ICOs) might also face comparable regulatory examination.

It should be pointed out that the U.S. Securities and Exchange Commission (SEC) has yet to reach a conclusive decision regarding Ethereum's classification as a security. The regulatory body is in the process of collecting data and carrying out inquiries to gain a deeper insight into the characteristics of the cryptocurrency industry and its alignment with current securities regulations.

Reacting to the recent legal submission, Vitalik Buterin, a key figure behind Ethereum, has asserted his view that Ethereum's level of decentralization is adequate, arguing that it doesn't fulfill the requirements of being considered a security according to the Howey Test. Furthermore, he has conveyed his optimism regarding Ethereum's alignment with the regulations governing securities.

In summary, the Securities and Exchange Commission's view of Ethereum as a non-compliant security underscores the compliance difficulties that the digital currency sector faces. With the ongoing growth and development of the market, it's expected that oversight authorities will become more involved in upholding securities regulations to safeguard investors and preserve the fairness of the markets.

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