Ethereum Merge Vastly Increased Stakefish's Profile, but 25% of Its Employees Are Gone Anyway Judge takes dim view of SEC flip-flops in Ripple hearing. After a congressional hearing on Thursday, Gensler said such assets The Ethereum cryptocurrency Ether led losses in the top 10 tokens by. Gary Gensler, chair of SEC, testifies during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., on Thursday. WINLINE BETTING WEBSITES

Exchanges and brokers conducting securities trading must comply with rules designed rigidly for the safety of investors to protect them from conflict of interest, according to the WSJ. Currently, due to the undeterminable nature of cryptocurrencies, issuers and trading platforms face strict liabilities if they sell any assets that are deemed to be securities by the SEC or courts.

One way through which cryptocurrency networks - including Solana, Cardano and, as of this week, Ether - verify transactions is staking, which allows investors to lock up their tokens for a specified amount of time to receive a return. Gensler commented about crypto exchange offering staking services, saying it "looks very similar—with some changes of labelling—to lending.

It will also set the stage for future improvements that will make the platform easier and cheaper to use, according to a report from Blockchain. The technical details of the Merge are extremely complex, but, basically, the process boils down to a shift in how cryptocurrency transactions are verified. The report added that after completing the Merge, Ethereum has now shifted from a verification system called proof of work PoW to "proof-of-stake" PoS - which consumes less energy and does not involve an energy-guzzling computational race, unlike its previous system.

PoS also deposits or "stakes" a certain amount of participants' crypto savings in a pool, which additionally enters them into a lottery. The new system also has a reward system; every time a crypto transaction requires approval, a winner is selected to verify the exchange and receive a reward. The test is used by courts use to determine if an asset is a security by examining whether an investor would expect to earn income from holding the asset.

The Ethereum cryptocurrency Ether led losses in the top 10 tokens by market capitalization in Thursday trading in Asia, losing 9. Proof of stake Gensler has previously said he regards Bitcoin as a commodity , which functions under a proof-of-work PoW protocol that would place it outside the jurisdiction of the SEC, but did not extend that definition to any other cryptocurrency. This would see issuers of such tokens required to file extensive disclosure documents and comply with strict consumer protection rules.

Gensler also said that platforms offering staking services to customers, such as crypto exchanges, looked very similar to lending platforms. McCormack told Forkast these assets do not fit with how investment products are typically defined as the yield users generate is in a sense a fee in return for validating transactions or securing the network.

She did, however, say it does fit with a broader trend towards increased regulation. Tokens classed as securities will fall under the existing capital markets act, while a new law will be written for the rest.

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Much of the publicity for the supposed hearing came from social media, and there were grains of truth in the hype. There appear to be at least two sources of the erroneous rumor. It is not clear whether such a meeting occurred, but if one did, it would have been a minor event. Second, an SEC hearing in February actually did occur, from which a video advertising the upcoming hearing was spread across the Internet.

It is possible that this mistake was inadvertent: the video itself did not show the date. The outcome of this meeting was reported months ago: it focused on ICO fraud concerns, for which regulations have since been put in place , and it did not clearly suggest regulating cryptocurrencies in general. It is nevertheless true that the U. As for whether Ethereum has been affected by the rumors of the day, analysts say that the market value of Ethereum has been affected very little.

Comments from Gary Gensler, the head of the SEC, have rattled investor confidence in the world's second-largest cryptocurrency by market cap. This profiting from staked ether has drawn the attention of Gensler and made crypto investors nervous about the future classification of Ethereum.

According to Etherscan , Ethereum controls the majority of decentralised finance within the cryptocurrency ecosystem and most of the smart contract applications. The SEC has not made a standalone official statement Ethereum blockchain is a security, but if the blockchain is classified as a security rather than a commodity, then this will create a legal precedent that would send a wave of panic throughout the entire cryptocurrency market.

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