I am director of research for digital assets at Forbes and editor of Forbes CryptoAsset & Blockchain Advisor. Prior to this I was at Kraken, a cryptocurrency exchange based in the U.S.
The crypto industry has long resisted having its tokens classified as securities. However, the success of bitcoin’s spot ETFs, could prompt issuers to break ranks depending on the SEC’s next move.Bitcoin is trading above $60,000, up more than 167% in the last 12 months and more than $7 billion has poured into the new bitcoin ETFs.
If the SEC decides that ether is a security, it will insist on ETF issuers treating it as such in their applications for approval. While this might seem like just a bunch of legal paperwork, doing so would be an affront to crypto industry insiders and idealists, and throw into question the status of thousands of cryptocurrencies.
One of the measures determining whether something is a security has to do with centralized control, and during the early days of Ethereum’s the peer-to-peer network was controlled by a small group of developers. Over time, however, Ethereum and its governance have become more decentralized. Prometheum’s CEO Aaron Kaplan believes ether is a security. “ If you think about it, Gary Gensler has been saying that basically everything besides bitcoin is a security.”for the issuer of the first spot eth ETF could be substantial. In October 2021, ProShares launched the first bitcoin futures ETF, called the ProShares Bitcoin Strategy ETF , two weeks before competitors. On its first day, it brought in more than $1 billion, and ever since then it remains the dominant crypto futures ETF by far.
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