The WSJ reports that the SEC and CFTC are still putting ethereum under the regulatory magnifying glass - at question now is whether the creators of virtual currencies or any entity such as The Ethereum Foundation exerts significant influence over its value, thus deeming it a security. Both USV and A16Z have written in a proposal seeking broad regulatory exemption. Still, the office thinks at minimum ether's original sale back in 2014 should've been deemed a security.
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World’s second most valuable cryptocurrency under regulatory scrutiny
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“There’s no legal precedent for it,” Mr. Gensler said. Peter Van Valkenburgh, director of research at Coin Center, said declaring ether a security “would make a shambles of U.S. innovation policy. It’s going to throw up a lot of barriers that aren’t necessarily sensible.”
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