🚨Bitcoin Halving Nears & SEC's Plan To Classify ETH As A Security!
Bitcoin halving day is here and Consensys lawyer breaks down the SEC's strategy to block the Ethereum Spot ETF.
Hi Everyone,
Happy Bitcoin Halving Day! We are just about 11 hours away from the halving event.
The Bitcoin halving is an event that occurs approximately every four years, designed to control the supply of new Bitcoins entering circulation. This process cuts the reward miners receive for validating transactions in half. Initially set at 50 Bitcoins per block when Bitcoin was launched in 2009, the first halving occurred in 2012, reducing the reward to 25 Bitcoins per block. The second halving took place in 2016, further reducing the reward to 12.5 Bitcoins. The most recent halving occurred in May 2020, cutting the reward to 6.25 Bitcoins. In April 2024 it will reduce from 6.25 to 3.125.
This process is significant because it reduces the rate at which new Bitcoins are generated, making them scarcer over time. Consequently, it often leads to increased demand and, historically, has been associated with upward price movements in the Bitcoin market.
The SEC continues its attack on the crypto industry. It’s latest target is Ethereum and it seems there is a plan to classify ETH as a security in an effort to block the Spot ETF. Bill Hughes, the Senior Counsel & Director of Global Regulatory Matters at Consensys, joins me to discuss this and more:
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Topics:
Consensys letter to the SEC regarding the Ethereum Spot ETF
Reports of the SEC investigating the Ethereum Foundation
Is the SEC trying to block the Ethereum ETF by classifying ETH as a security
Impact of SEC Ripple XRP case ruling
BlackRock Tokenizing on Ethereum
Stablecoin and Crypto Regulations
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