Bitget Contract Market Update: SEC Ends Investigation into ETH Security Status

Bitget2024/06/20 03:32

By:Bitget

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The U.S. Securities and Exchange Commission (SEC) is ending its investigation into whether Ether qualifies as a security, according to Ethereum developer Consensys. In a June 19 post on X (formerly Twitter), Consensys announced that the SEC’s Enforcement Division will not bring charges against Ethereum, marking a significant victory for Ethereum developers and the broader cryptocurrency industry.

This decision follows a letter sent by Consensys to the SEC on June 7, requesting the termination of the investigation. The SEC’s approval of spot Ether exchange-traded funds in May, which are based on ETH being a commodity, played a crucial role in this development. Consensys’ senior counsel, Laura Brookover, shared the SEC’s response, indicating no intention to recommend enforcement action.

An SEC spokesperson refrained from commenting on the investigation's status. Previously, in March, the SEC had issued subpoenas to various companies in efforts to classify ETH as a security. In April, Consensys sued the SEC after receiving a Wells notice concerning potential securities law violations by its MetaMask crypto wallet.

Despite the closure of the investigation, Consensys’ lawsuit against the SEC remains active. The suit alleges that SEC Chair Gary Gensler and Enforcement Director Gurbir Grewal had considered ETH a security since early 2023, formalizing the investigation on March 28, 2023.

Source: Cointelegraph

Futures market Updates

BTC futures show a slight increase in open interest at $34.25B (+0.24%), whereas ETH futures are relatively stable at $15.86B (+0.02%). BTC futures volume has significantly decreased by 56.56% to $32.55B, while ETH futures saw a lesser decline of 23.69% to $22.93B.

Liquidations for BTC were lower with $5.05M in longs and $4.23M in shorts, compared to ETH, which experienced higher liquidations with $9.46M in longs and $9.64M in shorts. The long/short ratio is nearly balanced for both BTC (49.34%/50.66%) and ETH (50.42%/49.58%), while the funding rate for BTC is higher at 0.0077% compared to ETH's 0.0048%.

Bitcoin Futures Updates

Total BTC Open Interest: $34.25B (+0.24%)

BTC Volume (24H): $32.55B (-56.56%)

BTC Liquidations (24H): $5.05M (Long)/$4.23M (Short)

Long/Short Ratio: 49.34%/50.66%

Funding Rate: 0.0077%

Ether Futures Updates

Total ETH Open Interest: $15.86B (+0.02%)

ETH Volume (24H): $22.93B (-23.69%)

ETH Liquidations (24H): $9.46M (Long)/$9.64M (Short)

Long/Short Ratio: 50.42%/49.58%

Funding Rate: 0.0048%

Top 3 OI Surges

TURBO: $37.43M (+151.21%)

1000TURBO: $9.74M (+110.85%)

RAYDIUM: $844.96K (+83.14%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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