- One of the original creators of the second-largest cryptocurrency network, Joseph Lubin, has said that the US Securities and Exchange Commission has concluded its investigation of Ethereum.
- Lubin is also the creator and CEO of Consensys, a cryptocurrency software company that filed a lawsuit against the government in April to avoid Ethereum blockchain regulation. According to a spokesman on Wednesday, the SEC does not comment on the possibility of an inquiry.
- “The SEC’s decision to close this inquiry marks a significant victory for Ethereum and the web3 community as a whole,” Lubin said in a post on the social networking site X on Wednesday.
- The blockchain’s native currency, ether, increased by around 3% to $3,567 on Wednesday. This year, it has risen by almost 55% so far.
- The SEC approved a request last month to list exchange-traded funds (ETFs) that make direct investments in ether, which was put out by venues managed by Cboe Global Markets Inc., Nasdaq, and the New York Stock Exchange. Before applicants like Fidelity Investments and BlackRock Inc. may launch such products, further approvals are required.
- Although the SEC contends that the majority of other tokens are unregistered securities and should be governed by it, Bitcoin is considered a commodity.
- But when it comes to whether Ether qualifies as a security, SEC Chair Gary Gensler has been evasive. Crypto fans are concerned that the token may be subject to the agency’s strict and expensive regulations, along with projects that may be built on the Ethereum blockchain.
Source:
bloomberg
