The move comes just two weeks after a U.S. federal judge ruled that BUSD does not comprise a security.

Behnam urged Congress to grant the agency more authority over digital assets.

Legal experts describe the ruling as a significant victory over the SEC for the web3 sector.

The lawsuit alleging Lido and Rocket Pool are violating securities laws comes less than two weeks after the SEC dropped its Ethereum investigation.

Consensys sued the SEC in pursuit of a court ruling establishing that Ether is a commodity asset and not a security in April.

Senator Patrick Hagerty grilled SEC Chairman Gensler over the agency's lack of prioritization of a “constructive industry.”

Gensler accused crypto exchanges of trading against their customers.

Hester M. Peirce suggests a collaborative effort toward building out a regulatory framework.

The Biden administration said it opposes the bill and is eager to work with Congress in the process to regulate the crypto industry.

Five prospective spot Ether ETF issuers have amended their 19b-4 filings with the SEC.