This is what could happen to ETH..it could retain commodity status but all its ERC20 tokens become unregistered securities..rendering the ecosystem as useless
Oef! If the SEC wins this one then any exchange with an exchange token is about to get the native sh*tcoins kicked out of them
https://void.cat/d/M7iyDFJd2CgGtDUe88128G.webp
The #SEC could potentially use this as a way to take down exchanges, delist tokens or shut exchanges out of US markets! lol Altcoin Casinos' have to be sharting themselves right now
https://www.coindesk.com/policy/2023/03/29/crypto-exchange-beaxy-shut-down-after-sec-lawsuit/
Discussion
That's a good point, if you can capture the biggest securities like your Uniswaps or even go after the stablecoins, ETH is pretty much a carcass and likewise for all the copycat EVM chains