fbpx
  • Price Tracker
  • Guest Post
  • Advertising & Partnership
  • Press Release
  • Editorial Policy
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » US Lawmakers Press SEC for Clarity on Prometheum’s Ether Plans amid Regulatory Uncertainty

US Lawmakers Press SEC for Clarity on Prometheum’s Ether Plans amid Regulatory Uncertainty

Tani La by Tani La
September 11, 2024
in Policy & Regulation
Judge Dismisses Debt Box Case, Orders SEC to Pay $1.8 Million in Fees
Share on FacebookShare on Twitter

Lawmakers from the United States House Financial Services Committee and House Agriculture Committee have raised concerns over the Securities and Exchange Commission’s (SEC) approach towards Ether. 

You might also like

SEC Advances Appeal in Ripple Case, Challenging Earlier Ruling on XRP Sales

Australia, Canada, and Colombia made right decisions to halt CBDC plans

IMF Once Again Urges El Salvador to Strengthen Regulatory Framework and Oversight of Bitcoin

In a March 26 letter addressed to SEC Chair Gary Gensler, key lawmakers including House Financial Services Committee Chair Patrick McHenry and Vice Chair French Hill urged the commission to clarify its stance regarding crypto firm Prometheum’s proposal to offer institutional custody services for Ether. The lawmakers pointed out a potential conflict with the Commodity Futures Trading Commission’s (CFTC) classification of Ether as a “non-security digital asset.”

“[T]he agencies have an extensive public record identifying ETH as a non-security digital asset,” said the lawmakers. “There are multiple regulatory actions grounded in that position […] [Prometheum’s] action, if allowed to proceed, could have irreparable consequences for the digital asset markets.”

Source: Financial Services GOP

The SEC has recently hinted at the possibility of classifying Ether as a security, a move that experts believe might hinder the approval of spot Ether exchange-traded funds (ETFs). Despite this, the SEC has already greenlit investment products linked to Ether futures for trading on US exchanges.

In contrast, the CFTC recognizes cryptocurrencies such as Bitcoin and Ether as commodities. The commission’s recent civil enforcement action against KuCoin and its founders highlighted Ether, Bitcoin, and Litecoin as commodities, underscoring its jurisdiction in this area.

Lawmakers expressed frustration over the SEC’s lack of clear guidance or proposed rules for classifying digital assets, exacerbating uncertainty within the digital asset ecosystem.

The letter to Gensler referenced CFTC Chair Rostin Behnam’s reaffirmation of the commission’s stance on Ether during a House Financial Service Committee hearing following Prometheum’s announcement. Behnam warned of potential conflicts with the SEC regarding digital asset regulations. Additionally, CFTC Commissioner Kristin Johnson previously outlined possible paths for regulatory clarity on crypto, including legal avenues, company policies, and congressional legislation.

Tags: FeatureSEC
Tani La

Tani La

Tani La, a skilled author at coinculture.com, provides expert insights on cryptocurrency and blockchain, making complex topics accessible to all readers. She is holding BTC, ADA, NEAR and some small-cap altcoins in her portfolio.

Recommended For You

SEC Advances Appeal in Ripple Case, Challenging Earlier Ruling on XRP Sales

by Van Tran
October 18, 2024
0
SEC Advances Appeal in Ripple Case, Challenging Earlier Ruling on XRP Sales

The U.S. Securities and Exchange Commission (SEC) has taken further steps in its appeal against a previous ruling in its ongoing legal battle with Ripple Labs. Late Thursday,...

Read more

Australia, Canada, and Colombia made right decisions to halt CBDC plans

by Van Tran
October 12, 2024
0
Australia, Canada, and Colombia made right decisions to halt CBDC plans

Australia, Canada, and Colombia have recently put brakes on their plans to launch central bank digital currencies (CBDCs). Interestingly, the opposition this time is coming not just from...

Read more

IMF Once Again Urges El Salvador to Strengthen Regulatory Framework and Oversight of Bitcoin

by Van Tran
October 7, 2024
0
IMF Once Again Urges El Salvador to Strengthen Regulatory Framework and Oversight of Bitcoin

The International Monetary Fund (IMF) has once again urged El Salvador to refine its Bitcoin law and strengthen regulatory oversight of its Bitcoin ecosystem.  During a press conference,...

Read more

SEC Requests Four-Month Extension to Submit Documents in Coinbase Case

by Van Tran
September 21, 2024
0
SEC Requests Four-Month Extension to Submit Documents in Coinbase Case

Following the current legal battle between the United States Securities and Exchange Commission and crypto exchange Coinbase, the SEC’s legal team has requested the court to allow them...

Read more

“Australia’s regulations haven’t kept up with innovation,” says crypto leaders

by Van Tran
September 20, 2024
0
“Australia’s regulations haven’t kept up with innovation,” says crypto leaders

Some crypto experts have expressed concerns about Australian laws to keep up with the development and adoption of digital currencies in the country. They suggest that the government’s...

Read more
Next Post
Ripple and SEC Agree to Stay $125M Judgment, Hinting at Possible Appeal

SEC Might Postpone Approval of Ethereum ETFs Until December: Bitwise

Most popular

  • Why Brands Should Adopt A ‘Hybrid DAO’ Model

    Why Brands Should Adopt A ‘Hybrid DAO’ Model

    169 shares
    Share 68 Tweet 42
  • Kucoin Review 2024: Features, Fees & More

    146 shares
    Share 58 Tweet 37
  • Guide To Crypto Twitter: Influencers, Traders And Ventures 2024

    1202 shares
    Share 480 Tweet 300
  • Cryptocurrency Regulations in Australia: A Brief Overview 2024

    164 shares
    Share 66 Tweet 41
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2024

    422 shares
    Share 169 Tweet 106

Recommended

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

November 9, 2024
Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

November 8, 2024
Trump Declares Victory - What will the US Crypto be?

Trump Declares Victory – What will the US Crypto be?

November 6, 2024
Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

November 5, 2024
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Altcoin News Bitcoin CoinSpot Cryptocurrencies Crypto Exchange Crypto Tax DeFi Dogecoin Dogecoin News ETF Ethereum Feature FED FTX Games hacks Layer2 Markets meme Metaverse Mining NFT Opinion People Policy and Regulation Polygon SEC Security Solana News Stablecoins Tech Top Crypto News Australia | CoinCulture Trading US web3 XRP News

RECENT POSTS

  • Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push
  • Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency
  • Trump Declares Victory – What will the US Crypto be?

© 2023 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$102,966.001.56%
    BITCOIN
    24H : 1.56%
    Volume : $52,451,194,003.00
    Marketcap : $2,044,757,600,765.00
  • ethereumEthereum(ETH)$2,325.5913.50%
    ETHEREUM
    24H : 13.50%
    Volume : $50,490,395,318.00
    Marketcap : $280,545,740,999.00
  • tetherTether(USDT)$1.000-0.01%
    TETHER
    24H : -0.01%
    Volume : $77,120,538,175.00
    Marketcap : $149,740,569,888.00
  • rippleXRP(XRP)$2.354.64%
    XRP
    24H : 4.64%
    Volume : $6,807,715,138.00
    Marketcap : $137,535,529,583.00
  • binancecoinBNB(BNB)$635.332.33%
    BNB
    24H : 2.33%
    Volume : $1,671,558,069.00
    Marketcap : $92,678,112,455.00
  • solanaSolana(SOL)$171.277.09%
    SOLANA
    24H : 7.09%
    Volume : $9,207,898,067.00
    Marketcap : $88,786,152,738.00
  • usd-coinUSDC(USDC)$1.0000.00%
    USDC
    24H : 0.00%
    Volume : $19,564,443,905.00
    Marketcap : $60,633,250,913.00
  • dogecoinDogecoin(DOGE)$0.2047.20%
    DOGECOIN
    24H : 7.20%
    Volume : $3,103,855,572.00
    Marketcap : $30,484,299,090.00
  • cardanoCardano(ADA)$0.7846.62%
    CARDANO
    24H : 6.62%
    Volume : $1,735,169,301.00
    Marketcap : $28,246,757,771.00
  • tronTRON(TRX)$0.2612.39%
    TRON
    24H : 2.39%
    Volume : $1,598,258,955.00
    Marketcap : $24,805,055,397.00

Add New Playlist

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki

© 2023 CoinCulture. All rights reserved.