In a video shared widely across social media, the Securities and Exchange Commission Chair, Gary Gensler says that the two most prominent cryptocurrencies, Ethereum (ETH) and Bitcoin (BTC) are not securities.
Although the video dates back to 2018, Gensler explicitly says that “Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They’re not securities.”
According to a related report by Cointelegraph, back then, Gary Gensler held a faculty position at the esteemed Massachusetts Institute of Technology (MIT). The footage dates back nearly two years prior to his eventual ascension to the Chair of the Securities and Exchange Commission (SEC).
In a stark juxtaposition to his previous stance, Gensler’s subsequent actions at the SEC paint a different picture. The recent months have witnessed the regulatory body plunge into a wave of enforcement initiatives within the cryptosphere.
Last week, Gensler listed 68 cryptos as securities, including Cardano (ADA), Solana (SOL), and Polygon (MATIC) in the most recent lawsuits. Moreover, the regulatory chair once declared that all cryptocurrencies apart from Bitcoin are securities, which contradicts his statement in the 2018 video.
Chair Gensler in 2018 at a Bloomberg conference in NYC:
“Bitcoin. Ether. Litecoin. Bitcoin Cash. Why did I name those four? They’re not securities.”
What’s Goldman Gary going to say about this one? Deep fake? pic.twitter.com/p7DJlYkJIt
— Ryan Selkis 🪳 (@twobitidiot) June 12, 2023
Evaluating The Ethereum Price Profitability This Week
Ethereum, like many of its peers, started the week while consolidating losses after a gruesome week in the wake of the intensified crackdown on the crypto market by the US SEC.
As Coinbase, Binance, and the foundations of selected cryptos like ADA, SOL, and MATIC start their respective legal battles, investors may want to know how to adjust their crypto portfolios.
At the time of writing, ETH is trading at $1,750 with support at $1,730 holding firmly. Aayush Jindal, an analyst at NewsBTC believes Ether only needs to reclaim support at $1,800 to validate a bigger recovery move to $2,000.
However, Ethereum must first deal with resistance at $1,760 to close the gap to $1,800. On the bright side, the Moving Average Convergence Divergence (MACD) indicator dons a vivid buy signal.
Traders eyeing new long positions in Ethereum price would be encouraged to activate their orders as long as the MACD line in blue holds above the signal line in red.
Insights from the on-chain analytics platform Santiment suggest that the crypto market could start to rise, now that the dust lifted by the SEC going after Binance and Coinbase has settled. The rebound is expected to continue “until the next development with the lawsuits.
👨⚖️ With traders still very much aware of the #SEC going after #Binance and #Coinbase, the mass hysteria has at least settled down. Until the next developments with the lawsuits, we could see some gradual rising of prices back to pre-crash levels. https://t.co/Za7tchgeUx pic.twitter.com/BSZEHrjQNP
— Santiment (@santimentfeed) June 12, 2023
Moreover, most altcoins experienced extreme capitulation last week, leaving many traders and investors in losses. The sharp price drop will likely trigger increased accumulation among whales. If this accumulation trend continues, “there is reason to believe a strong rebound can occur,” Santiment states.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
