Prominent crypto market observer and founder of venture fund Cinneamhain Ventures, Adam Cochran, took a dig at SEC Chair Gary Gensler over the latter's stance on Ethereum (CRYPTO: ETH) being a security.
What Happened: Cochran, one of the fiercest critics of Gensler, took to social platform X mocking the SEC Chief's duplicitous position on categorizing cryptocurrencies as securities.
He wrote, "I'd love to see @iampaulgrewal ask @GaryGensler in court to explain the difference between ETH (a non-security) and the countless assets he claimed are securities in their cases." Cochran went to the extent of saying, "His meltdown would be historic."
I really want to see one of the other SEC cases accelerated now.
— Adam Cochran (adamscochran.eth) (@adamscochran) May 21, 2024
I'd love to see @iampaulgrewal ask @GaryGensler in court to explain the difference between ETH (a non-security) and the countless assets he claimed are securities in their cases.
His meltdown would be historic.
Cochran mentioned Paul Grewal, Coinbase's Chief Legal Officer — an outspoken critic of Gensler himself who has maintained throughout that Ether is a security. He had previously remarked that the regulator has "no good reason" to deny the ETF applications
Why It Matters: Cochran's remarks come as the SEC reportedly moved forward with the spot Ether ETF applications, asking issuers to revise their 19b-4 filings.
This move, combined with Bloomberg analysts boosting their odds of a spot ETH approval, has prompted experts to assume that the SEC no longer considers ETH security.
Several reports in recent months have alleged a planned move by the SEC to brand the cryptocurrency as a security. Gary Gensler has tiptoed around the issue, leaving an element of uncertainty regarding the SEC's actual position.
Image from Shutterstock and Third Way Think Tank on Flickr
Price Action: At the time of writing, ETH was exchanging hands at $3,648.03, following a 16% bounce in the last 24 hours, according to data from Benzinga Pro.