The Ethereum foundation is currently faced with questions from an unnamed “state authority” according to the latest reports coming from GitHub repository.
Ethereum in the crypto community news
The inquiry being conducted is confidential and is taking place at a time when there are significant changes happening to Ethereum’s technology.
It has been also reported the fact that the native asset of Ethereum, ETH, which is being sought after by many American investment companies to be offered as an exchange-traded fund, is at a possible inflection point.
Despite approving a series of Bitcoin ETFs recently, the Securities and Exchange Commission (SEC) has been slow to support these efforts.
BREAKING: SEC is investigating the Ethereum Foundation and wants to define Ethereum as a security.
Yeah, nobody saw that coming… 🤨 pic.twitter.com/qT0xKlCuSl
— Radar🚨 (@RadarHits) March 20, 2024
Coindesk has reported that the SEC is seeking to classify ETH as a security, which could have significant implications for Ethereum, an ETH ETF, and the entire crypto industry.
According to Fortune, the financial regulator has issued investigative subpoenas to several US companies in recent weeks.
Here is another interesting tweet that brings juicy details to the table:
A storm is brewing for #Ethereum. Let’s recap some important facts.
1) Bill Hinman with Jay Clayton’s approval gave a speech that said $ETH was not a security. However, he had major conflicts of interest because the law firm he was getting paid by was part of the Ethereum…
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) March 20, 2024
Someone commented: “If $ETH is deemed a security by the SEC and CTFC, I will LMFAO until I vomit. The amount of shite they gave $XRP was unfounded and unbelievable. While it would crash the crypto market hard and be painful. I would still be LMFAO.”
We’ll just have to wait and see what happens next.