Bloomberg Analyst Slams SEC For Implicitly Accepting Ethereum As Commodity

Coingapestaff
November 21, 2023 Updated August 11, 2025
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bloomberg Analysts Reveal Prediction For Solana, XRP, Dogecoin, & Litecoin ETFs

Bloomberg Intelligence research analyst, James Seyffart takes on SEC for suing Kraken on Tuesday. In a recent post, Seyffart said that the Kraken lawsuit looks similar to the Coinbase one. Touting cryptos like Solana, Cardano, Algorand, and other 13 major altcoins as security, the SEC alleged that these digital assets are still under scrutiny under the SEC’s prior enforcement actions.

Advertisement
Advertisement

James Seyffart Points Out on Unregistered Ethereum

Slamming SEC on their own game, Seyffart reveals that SEC has not taken any stance on Ethereum yet.

Neither listed it as a commodity, as SEC does with Bitcoin, nor as a security. He satirically said that the SEC has accepted ETH as a commodity and has never imposed any charges on it.

Taking a dig at the regulatory body, Seyffart draws attention to the irony of the SEC’s actions, emphasizing the lack of clarity in their approach to Ethereum.

Adding to the intrigue, Seyffart notes that financial giant BlackRock has filed for Spot Ethereum ETF, suggesting a growing institutional interest in Ethereum despite the SEC’s apparent hesitancy to take a clear stance.

Also Read: XRP Lawyer John Deaton Takes On SEC To Support Kraken Users

Advertisement
Advertisement

Kraken Vs SEC Till Now

On Tuesday, Nov 21, 2023, the US SEC filed a lawsuit against crypto exchange Kraken for illegally serving as a securities exchange without first registering with the authority.

Jesse Powell, co-founder of Kraken, expressed his displeasure with the SEC’s actions in a series of tweets. He characterized the regulatory body as tenacious and called into doubt the effectiveness of a $30 million settlement agreed in February.

Powell’s expression of concern about the high costs and time required to fight the SEC implies that crypto businesses may be forced to abandon the US market.

Along with that, notable figures like XRP lawyer John Deaton, including James Seffart, and CoinRoutes CEO Dave Weisberger have reacted to it positively.

Kraken plans to fight back, claiming that the Government should decide how crypto exchanges should be regulated and that the SEC’s view of digital assets is “incorrect as a matter of law, false as a matter of fact, and disastrous as a matter of policy.” The San Francisco-based exchange also stated that the lawsuit would not affect its more than 10 million customers.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.