The post SEC Planned to Classify BTC and ETH as Securities, UniSwap Creator Alleges appeared com. BitcoinEthereum 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 securities. 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. The claim was not tied to a theory but to a conversation Adams says he had with Sam Bankman-Fried shortly before FTX collapsed. According to his recollection, SBF suggested that the SEC under Gary Gensler at the time was preparing to expand its jurisdiction to cover the entire crypto market. The way Adams tells it, the plan would have also placed FTX at the center of the U. S. crypto trading system. A Deal That Would Have Reshaped U. S. Crypto Markets Instead of a multi-exchange environment, Adams says he understood the proposal as leading to a single licensed on-ramp for trading cryptocurrencies in the United States. One company would receive the only legal brokerage license to handle crypto assets; another, tied to FTX, would receive the only exchange license. In practice, all other platforms would lose legal access to U. S. markets. Adams says SBF never spoke the words “exclusive monopoly,” but the direction of the conversation left him with no doubt. He claims he rejected the idea on the spot, calling it contrary to the foundation of open blockchain networks. The Most Shocking Part of the Allegation What has attracted the most attention is not the licensing model but.