SEC Pursuing "Energetic" Campaign to Deem ETH a Security, Blackrock Unveils Tokenized Fund on Ethereum

Mar 21, 2024
Market Update U.S. equities rose following yesterday’s FOMC meeting, where Chair Powell struck a dovish tone and the committee'sdot-plot showed no meaningful revisions to rate cut expectations this year. The SPY (+0.33%) and QQQ (+0.44%) closed at record highs, surpassing $520.48 and $445.61, respectively. Crypto assets displayed a strong bounce following Powell’s comments yesterday but have since pared some gains. $BTC (-4.08%) is trading at approximately $65.1k and $ETH (-2.27%) is hovering near $3,250. Despite negative headlines surrounding Ethereum (more below), $ETHBTC has gained 3.49% in the last two days, bouncing off the 0.05 mark. RWA-related tokens are outperforming over the last 24 hours, gaining 33% as Blackrock’s first tokenization fund on Ethereum has sparked a positive buzz about the sector's future.According to a Fortune report, the SEC is allegedly going on an “energetic legal campaign” to declare Ethereum as a security. The SEC has not verified the claims, but it would align with their lack of engagement with ETF issuers surrounding pending applications. The SEC has been investigating the Ethereum Foundation surrounding Ethereum’s shift to a proof-of-stake network in 2022, which enabled users to stake ETH tokens in return for rewards and governance

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