It's very likely that regulators in the United States will begin telling node validators to impose KYC and AML requirements on users who stake Ether.
In fact, Gensler’s latter argument is highly relevant in the case of Ethereum, where one has to stake 32 ETH to become a validator. Since this is a considerable sum for many, most users are turning to staking providers to stake their digital assets on their behalf to avoid this capital requirement in exchange for a fee.
Regarding the above, U.S. regulators may intend to oblige those node validators under their jurisdiction to implement Know Your Customer and Anti-Money Laundering procedures for validating transactions.In addition to the Howey test argument, the SEC also claims that ETH transactionsdue to the high concentration of the network’s nodes in the United States. If this statement turns out to be accurate and finds further development across the nation, this would mean that the U.S.
As a result, BlockFi ended up on the auction block, and two other companies with similar businesses went belly up — these wereThus, a situation has arisen where the SEC used the legislation of 1940 to regulate modern and not yet fully developed technology, which is absurd.Furthermore, the SEC’s statement that all Ether falls under U.S. jurisdiction is, to put it mildly, untrue. The SEC’s logic here is that the Ethereum blockchain’s node network is more densely clustered in the U.S.
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