SEC’s Gary Gensler wants Proof-of-Stake Ethereum to be regulated as a security, will traders turn to ETHW?
- Ethereum developers behind the ETH Proof-of-Work project have proposed the formation of an all-in-one ecosystem DAO.
- US Securities and Exchange Commission Chair Gary Gensler recently implied that Proof-of-Stake projects like Ethereum should be regulated as securities.
- Amidst the recent crackdown by regulators, ETHW could gain relevance and market share, fueling a rally in the token.
US Securities and Exchange Commission Gary Gensler recently reiterated that Proof-of-Stake cryptocurrencies like Ethereum may be securities. These statements from regulators have fueled an uncertainty among crypto market participants.
Also read: Ethereum layer-2 Arbitrum’s most awaited airdrop of 2023 is expected on March 23
SEC chair Gensler reiterates Proof-of-Stake cryptocurrencies may be securities
The Securities and Exchange Commission Gensler commented on intensified scrutiny of Proof-of-Stake (PoS) cryptocurrencies. Gensler reiterated that PoS tokens like Ethereum may be securities as these coins are promoted by creators, offering returns.
Gensler said during an open meeting of the SEC on Wednesday,
I would suggest that each of these token operators, obviously consulting with the appropriate talent, seek to come into compliance.
Will Ethereum Proof-of-Work gain higher market share with uncertainty surrounding PoS?
Developers behind Ethereum Proof-of-Work (PoW) recently shared a proposal for the formation of an All-In-One Ecosystem DAO- EthereumPoW one.
Since the inception of the PoW project, NFTs and DeFi protocols have emerged in the ecosystem. Through these projects, PoW developers witnessed potential in the EthereumPoW ecosystem.
Proposal: EthereumPoW One — An All-in-One Ecosystem DAO
— EthereumPoW (ETHW) Official (@EthereumPoW) March 17, 2023
Since the inception of EthereumPoW, some excellent NFT projects have emerged in the EthereumPoW ecosystem. Through these projects, we have witnessed the enormous potential of EthereumPoW. Nevertheless, the overall… https://t.co/ok3a1HIHRP pic.twitter.com/wWtNmXliNA
To encourage developers, projects and investors to participate in developing the EthereumPoW ecosystem, the team behind ETHW proposed the establishment of the DAO.
ETHW yields 4% gains since March 16
Ethereum Proof-of-Work token ETHW is gaining relevance and popularity in the crypto community. The token offered 4% gains since March 16, and ETHW climbed nearly 11% over the past week.
US regulator’s stance on PoS tokens and Ethereum is one of the drivers of rising market share and demand for ETHW.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
