Sure how about Ethereum ETF Launch Postponed SEC Returns S1 Form

CoinDesk Report:
Let’s dive into the latest updates!


The U.S. Securities and Exchange Commission (SEC) has returned the S-1 form to the prospective issuer of an Ethereum ETF, accompanied by brief comments, requesting them to address issues and resubmit. According to the SEC, this means: “Your submitted materials are insufficient for approval at this time. You have a few days to prepare the necessary documentation and submit by July 8th. Await further instructions from us!”
This indicates that the Ethereum ETF will require more time to secure approval. The altcoins are facing some tough times!
Now onto this development!


Consensys, the parent company of our frequently-used MetaMask wallet, was formally sued by the SEC yesterday (28th). The SEC alleges that MetaMask’s Swap and staking products violate federal securities laws. Since 2020, Consensys has operated as an unregistered broker-dealer, facilitating unregistered securities issuance and sales through MetaMask.
According to the SEC complaint, MetaMask enables users to directly trade digital assets via its “Swap” service within the app, with Consensys collecting fees for this service. Over the past four years, Consensys facilitated over 36 million cryptocurrency transactions, of which the SEC claims at least 5 million involved “crypto asset securities”.


These crypto asset securities include tokens like Polygon (MATIC), Mana (MANA), Chiliz (CHZ), Sandbox (SAND), and Luna (LUNA), previously categorized as securities in prior SEC litigations. The SEC also suggests that other digital assets may similarly be considered securities.
Consensys, through unregistered crypto asset brokerage and staking services, collected over $250 million in fees, thereby depriving investors of critical protections. The SEC seeks permanent injunctions, civil penalties, and other equitable relief against Consensys for alleged violations of federal securities laws.
This enforcement action confirms long-standing industry concerns. Despite the recent unexpected approval of the Ethereum spot ETF key documents last month, reducing the likelihood of ETH being classified as a security, the SEC continues to pursue liquidity-backed tokens derived from ETH, such as Lido’s stETH and Rocket Pool’s rETH, as securities.


The cryptocurrency market is dominated by SEC interventions. Currently, whoever has money is under investigation by the SEC! Essentially, it’s like paying protection fees in disguise!
Recent market conditions remain volatile, resembling a process of market cleansing. It’s advisable to avoid full-scale operations! For those tokens mentioned by the SEC, it’s best to liquidate and wait, to avoid getting trapped at higher prices later. Always keep some liquidity handy! Waiting for the right moment to strike decisively!