SEC Planned to Classify BTC and ETH as Securities, UniSwap Creator Alleges

**Bitcoin and Ethereum at the Center of a Controversial Regulatory Proposal**

A heated dispute has resurfaced in the crypto world after UniSwap creator Hayden Adams disclosed what he describes as one of the most alarming regulatory ideas ever discussed in the United States: a scenario in which Bitcoin, Ethereum, and the rest of the major cryptocurrencies would have been branded as securities.

The claim is not based on speculation but stems from a conversation Adams says he had with Sam Bankman-Fried (SBF) shortly before the collapse of FTX. According to Adams’ recollection, SBF suggested that the SEC, under Chairman Gary Gensler at the time, was preparing to expand its jurisdiction to cover the entire crypto market.

### A Deal That Could Have Reshaped U.S. Crypto Markets

Instead of a multi-exchange environment, Adams understood the proposal as leading to a single licensed on-ramp for trading cryptocurrencies in the United States. Under this plan, one company would receive the only legal brokerage license to handle crypto assets, while another, affiliated with FTX, would be granted the exclusive exchange license.

In practice, this would have meant that all other platforms would lose legal access to U.S. markets. Although SBF never explicitly used the words “exclusive monopoly,” the direction of the conversation left Adams with no doubt about the intention behind the proposal.

He claims to have rejected the idea immediately, calling it contrary to the foundation of open blockchain networks.

### The Most Shocking Part: Targeting Bitcoin and Ethereum

What has attracted the most attention is not the licensing model but the assets allegedly targeted. Adams claims he was told that even Bitcoin and Ethereum were on the SEC’s radar for securities designation—not just smaller altcoins.

If true, this would represent the single largest shift in the legal treatment of digital assets in U.S. history.

### How the FTX Collapse Ended the Push

According to Adams, the plan never progressed beyond the negotiation stage because FTX imploded only days later. He framed the outcome as an unexpected turning point for the industry, stating that if FTX had not collapsed when it did, the entire market landscape could look completely different today.

Adams’ revelation has reignited old questions about how closely SBF was working with regulators before the collapse and whether some industry players were attempting to shape crypto rules in their favor, all while presenting themselves publicly as advocates for “responsible regulation.”

### The Aftermath and Industry Reaction

Neither the SEC nor Sam Bankman-Fried has publicly responded to Adams’ recent claims. Additionally, there is no independent confirmation of the alleged conversation.

Nonetheless, this disclosure has triggered anxiety within crypto circles because it revives a long-running concern: that regulation in the U.S. is not only about providing clarity but may also be a battle over who controls the industry.

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*The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice.*

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