As many of you know, Blackrock and perhaps some other major asset managers are in the process of filing for an Ethereum EFT. The SEC under Gensler is currently hostile to this idea, and has signalled a willingness to attempt (through the courts) to have Ethereum labeled as a security.
If Gensler has his way, then the Ethereum Foundation will have been selling "unregistered securities" all this time, and could face all kinds of legal action that could cause a major crash not only in ETH, but ERC20s, as well as any crypto that is Proof of Stake. Exchanges that sell any ERC20 or PoS could be forced to either delist the cryptos or register as security broker-dealers, which is a long and arduous process most exchanges won't bother with.
The worst case scenario, then, is an apocalyptic wipeout for all cryptos that aren't Proof of Work.
Blackrock has said, however, they still believe an ETH ETF is possible if ETH is labeled as a security.
I'm only recently learning about this, so I'm interested in the more informed opinions in this community. What is the likelihood ETH is labeled as a security?
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