Gary Gensler recently passed a comment to hint that all Proof-of-stake Consensus-based crypto assets’ stake reward offerings may push the respective assets under the security assets class.
Recently Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), appeared in the Senate Banking Committee for a regular SEC oversight hearing.
Gary reportedly said:
“From the coin’s perspective…that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others.”
-----Cryptonews AD----->>>
Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE
<<<-----Cryptonews AD-----
The report noted that perhaps the Sec chairman didn’t talk about any particular crypto asset but his statement indirectly dragged the second biggest crypto asset Ethereum under attention.
Gary also said that offerings of crypto assets staking facilities for people by the crypto exchanges are most similar to other services which provide lending services.
Howey test & POS coins
Howey test is a basic tool regulators use to determine whether an asset is a security. If any asset will pass the Howey test then that asset can be considered as Security.
However here it is not fully confirmed whether Howey requires analyzing & studying the asset from several facts to prove asset a security but it is confirmed that almost all Proof-of-stake Consensus-based cryptocurrencies are passing one fact to favor the Howey test.
On 15 September, The Ethereum blockchain shifted successfully to Proof-of-stake Consensus from Proof-of-work consensus. And it is also 100% confirmed that the majority of the crypto exchanges will provide ETH staking, so maybe Ethereum may face some censorship & regulatory threats.
Here we can’t expect that Ethereum may eliminate the staking feature from its ecosystem because it is the only way to get computational power and network validators support to maintain the decentralized ecosystem of Ethereum.
Read also: Crypto trading is allowed in China despite crypto ban
SEC chairman hints Ethereum PoS may face Scrutiny
https://bitcoinik.com/sec-chairman-hints-ethereum-pos-may-face-scrutiny/feed/
https://bitcoinik.com/sec-chairman-hints-ethereum-pos-may-face-scrutiny/feed/
Moon Grid trading bot
OKX’s new Moon Grid bot automatically buys low and
sells high within a wide price range using artificial intelligence based on market backtesting.
Quick to set up with smart entry and exit points!
How does it work?
- Select Trade in the main menu, then select Trading bot.
- Select a spot trading pair from the Trading bot menu.
- Select Moon Grid from the listed strategies.
- Enter the amount you want the bot to trade and click Create.
- Your bot will then be live.
- To view and manage your Moon Grid bot, select Bots at the bottom of the trading dashboard.
—————————————————————————————————————————————-
Risk Reminder:
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
The possibility exists that you could sustain a loss in excess of your deposited funds.
Before deciding to trade the products reviewed by Cryptonews24.eu, you should carefully consider your objectives, financial situation, needs and level of experience.
You should be aware of all the risks associated with trading on margin.
Cryptonews24.eu provides general news and advice that does not consider your objectives, financial situation or needs.
The content of this website must not be construed as personal advice.
Cryptonews24.eu recommends you seek advice from a separate financial advisor.
Nothing on this website should be considered financial advice.
This website is for informational purposes only and you should not rely on anything that is printed or said on this website to make any financial decisions.
