Expert criticizes the chairman of the SEC for lack of clarity about the legal status of Ethereum

As a discussion about EthereumAs the status of the U.S. Securities and Exchange Commission (SEC) rises, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), has come under fire from noted cryptocurrency market watcher and Cinneamhain Ventures founder Adam Cochran for the continued lack of clarity around Ethereum regulations.

Cochran’s criticism is focused on what it believes is the SEC’s erratic and ambiguous position regarding Ethereum’s classification, which could hinder innovation in the cryptocurrency landscape and create a lot of uncertainty.

Necessity for Gensler’s emphasis on Ethereum’s legal status

Cinneamhain Ventures founder Adam Cochran noted that he would like to see any of the other SEC cases brought forward immediately, citing the Ethereum case.

He demands that Paul Grewalshould ask Coinbase Chief Legal Officer (CLO) Gary Gensler to clarify in court how ETH, which he believes is not a security, is different from several assets he claims are securities in their business.

It is worth noting that ETH is currently under investigation by the SEC to determine whether it should be classified as a security. As a result, the Commission has served several companies with subpoenas requesting financial information and documentation regarding their interactions with the Ethereum Foundation.

Following Ethereum’s successful transition to a proof-of-stake basis in September 2022, research appears to have accelerated. This transition appears to have potentially affected the status of the asset, as the agency considers the transition to be similar to an investment contract.

Cochran could be insinuating that the SEC chairman may not be able to provide clarity on the issue, claiming that Gensler’s collapse would be historic.

The founder is a constant critic of Gensler and has criticized the chairman several times. Adam Cochran previously called Gensler a political weasel after news from the SEC demanded so ETH Spot Exchange-Traded Funds (ETFs) applicants update their 19b-4s application.

Commenting on the development, Cochran emphasized that this marks a major win for ETH when it comes to its status as a non-security asset. “Ethereum is not security, you have pushed your limits and been forced to stand in line, you political weasel,” he declared.

Qualified figure to replace Gensler

Adam Cochran is dissatisfied with Gensler’s tenor and hopes to see the chairman resign soon so that someone better qualified and rational can take over.

That’s why he calls SEC Commissioner Hester Pierce the right figure for the job if the Biden-Harris administration grows tired of Gensler. “But if it wasn’t me, I’d settle for someone rational and qualified like Hester Peirce, who is already on the committee, is working on issues and is a great way to demonstrate cross-aisle collaboration to voters who doubt the court,” he stated

According to the founder, many moderate and fiscal Republicans would be willing to vote if financial regulation were not controlled by an egotistical clown like Gensler.

Ethereum
ETH is trading at $3,660 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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