SEC’s Shocking Plan: BTC, ETH as Securities? FTX’s Collapse Saved Crypto!

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SEC Planned to Classify <a href="https://jpygbp.com/btc-usd/">BTC</a> and <a href="https://jpygbp.com/eth-usd/">ETH</a> as Securities, UniSwap Creator Alleges

Key Takeaways:

  • Hayden Adams claims former SEC leadership explored labeling even Bitcoin and Ethereum as securities.
  • Adams says the plan could have given FTX exclusive legal control over U.S. crypto trading access.
  • He believes the collapse of FTX prevented the model from becoming reality and preserved market competition. 

Adams claims this idea didn’t come from a formal theory, but from a conversation he had with Sam Bankman-Fried just before FTX failed. He remembers SBF saying the Securities and Exchange Commission, led by Gary Gensler, was planning to greatly expand its control over all cryptocurrency trading. Adams states SBF indicated this plan would have positioned FTX as a central player in the U.S. crypto market.

A Deal That Would Have Reshaped U.S. Crypto Markets

Adams believed the proposal would create a single, authorized entry point for cryptocurrency trading in the U.S. One company would be legally allowed to act as a crypto brokerage, and another, connected to FTX, would be the sole licensed exchange. This would effectively shut out all other platforms from operating legally in the U.S.

According to Adams, Sam Bankman-Fried never actually said the words “exclusive monopoly,” but the way they spoke made it clear that was the suggestion. Adams states he immediately dismissed the idea, explaining it went against the principles of open blockchain technology.

The Most Shocking Part of the Allegation

The biggest surprise isn’t the way the licenses are being handled, but rather which cryptocurrencies the SEC was reportedly investigating. According to Adams, he was informed that the SEC was considering labeling even major coins like Bitcoin and Ethereum as securities – not just smaller, alternative cryptocurrencies.

If confirmed, this would be the most significant change ever in how the U.S. legal system handles digital assets.

FTX Collapse Ends the Push

From my perspective, the proposed plan stalled because of FTX’s sudden collapse just days after negotiations began. It really marked a pivotal, unforeseen shift for the entire industry, effectively ending those discussions.

If FTX hadn’t gone down when it did, the entire market could look completely different right now.

Adams’ recent post brought up familiar concerns about the extent of Sam Bankman-Fried’s communication with regulators before his company failed. It also raised questions about whether certain individuals in the crypto industry were secretly trying to influence regulations to benefit themselves, all while publicly claiming to support sensible rules.

The Aftermath

So far, the SEC and Sam Bankman-Fried haven’t publicly addressed the claims made by Adams, and no one else has verified the conversation took place. However, the news has worried many in the crypto world, bringing up concerns that U.S. regulations aren’t just about making things clear – they could also be about deciding who leads the crypto industry.

As a researcher, I want to be clear that the information I’m sharing is purely for educational purposes. It’s not financial, investment, or trading advice, and I don’t recommend any particular cryptocurrency or investment strategy. Before you make any investment decisions, it’s crucial that you do your own thorough research and talk to a qualified financial advisor.

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2025-11-17 09:47