Ethereum: Will SEC Ramp up its Scrutiny Following Shanghai Upgrade
Ethereum is scheduled to implement the Shapella hard fork or Shanghai upgrade in eight days. This update will enable stakers to unlock their staked ETH. However, some investors are concerned about the potential for a significant sell-off of Ether on exchanges. While the sell-off fear persists on one side, another fear about what could happen with the SEC post-upgrade has also surfaced. The SEC has ramped up its scrutiny of the cryptocurrency realm ever since the fall of the FTX exchange. Also read: Bitcoin: MicroStrategy Buys 1045 BTC for $29.3 Million Things have become even worse as the SEC tries to label all cryptocurrencies, except Bitcoin, as sec urities. Enabling staked Ethereum withdrawal could elevate backlash Lara Gatz, who is a new partner in the global regulatory enforcement practice of Reed Smith LLP and a former federal pro sec utor with the Department of Justice, stated how Ethereum could face backlash for enabling the withdrawal of staked Ether. ...