Cryptocurrencies

Alex Thorne, head of research at Galaxy Research, has raised concerns about the possibility

Alex Thorne, head of research at Galaxy Research, has raised concerns about the possibility of the SEC classifying staked Ethereum as a security. Thorne’s speculation comes on the heels of growing expectations that the SEC may soon approve exchange-traded funds (ETFs) for Ethereum.

“If the speculation about the SEC’s 180 on ETH ETFs is true, I would think they are trying to thread a needle between “ETH” that is not a security and “ETH” (or even more lamely, “staking as a service ETH”).” ) as a guarantee.”

Thorne suggested that the strategic pivot to approving an ETF may be “fairly consistent” with previous court cases.

“(…) as well as with reports on their various investigations, possibly allowing the SEC to approve Ethereum ETFs while maintaining their previously stated/argued opinions.”

RELATED: “Winter is Over” – Uptrend Returns in Wake of ETF Sentiment

In response to Thorn’s

source: Commercial franchise

Thorne wasn’t “sure” but addressed this societal concern by highlighting that ETF collateral lending typically has limits, which could be a comparable reference point. However, he also added that European Exchange Traded Products (ETPs) offer staking services.

Historically, the SEC has sought to classify Ethereum as a security, a pattern that continues, as evidenced by a recent report by Fox Business producer Eleanor Therrit.

Terrett, citing court documents filed by ConsenSys on April 29, noted that SEC Chairman and SEC Chairman Gary Gensler had believed “for at least a year” that Ethereum was an unregistered security.

According to Eric Balchunas, a senior analyst at Bloomberg, on May 20, despite the constant shifting between approval and disapproval, the odds of approval for an Ethereum ETF have risen from 25% to 75%.

This sharp change in stance occurred after Balchunas heard “talker (…) that the SEC might do a 180 degree change” on the issue as it became “an increasingly political issue.”

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