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Fox Business reporter Eleanor Terrett said in her post that new court records show that SEC Chairman Gensler believes Ethereum is a security.
According to the documents of the lawsuit that Ethereum development company Consensys recently filed with the SEC; The SEC and its chairman, Gary Gensler, believe $ETH has been traded as an unregistered security for at least 1 year.
Related News JUST IN: Ethereum ($ETH) Case to SEC!
According to new court documents, on March 28, 2023, Gurbir Grewal, head of the SEC's Division of Enforcement, approved a formal investigation order into the securities status of Ethereum and authorized enforcement staff to investigate and subpoena individuals and entities involved in $ETH trading.
Sources with direct knowledge of the matter told FOX Business that Consensys, founded by Joe Lubin, one of the Ethereum blockchain founders, was among a small number of Ethereum-related companies that received subpoenas from the SEC around the time the investigation was authorized.
According to Gary Gensler's statements in court records, the SEC chairman considers $ETH to be a security since Ethereum's transition from PoW to PoS.
🚨BREAKING: New court filings show SEC, Chair Gensler believed ethereum was a security for at least a yearhttps://t.co/TF2jIqxDWs
— Eleanor Terrett (@EleanorTerrett) April 29, 2024
*This is not investment advice.