Scott Johnsson, a finance lawyer and general partner at Van Buren Capital, provided a nuanced analysis of the Securities and Exchange Commission’s (SEC) motivations for launching an investigation into Ethereum and the Ethereum Foundation. His insights, shared via X on March 22, offer a deep dive into the potential motivations for the agency to probe the Swiss based Ethereum Foundation.
Johnsson began by highlighting the profound market reliance on Ethereum’s classification as a non-security, a stance historically acknowledged by the SEC and other regulatory bodies. He stressed the importance of this classification for the functioning of various market mechanisms, stating:
Paul [Grewal, Coinbase CLO] gives a good overview on the SEC’s historical acknowledgements re: ETH non-security status. This is the current landscape that the market has relied on – including the CFTC, CME, ETFs, exchanges, and investors. Reliance interests are incredibly high.
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