Anatoly Yakovenko, co-founder of Solana, teams up with Ethereum to take on the SEC.
Speculation has been rife in the cryptocurrency industry after the recent Security and Exchange Commission (SEC) investigation into Ethereum [ETH] and its foundation.
There is cause for worry over the possible consequences for spot Ether ETFs given that Ethereum has fallen 4% in the last week.
Others see this as the SEC trying to prevent Ethereum ETFs, while others see it as a strategic move. In a similar vein, financial attorney Scott Johnsson made the observation, “In order to reject Ethereum spot ETFs this year, the SEC requires a non-correlation objection. Additionally, the agency is keen on avoiding any interference with the arguments put forth in the CB/Binance proceedings, which constitute the two most significant crypto matters it is addressing.”
Solana co-founder Anatoly Yakovenko announced his intention to join the alliance by saying, “If the government is opposed to Ethereum, then I will also oppose the government.”
There has been no official confirmation from the SEC about reports that they are collecting information from U.S. corporations linked to the Ethereum Foundation.
The crypto community continues to recover from the possible effects of this categorization on Ethereum and the whole cryptocurrency market.
The cryptocurrency community as a whole is at odds with Ethereum, although others have stressed the need for cooperation between the two in light of the SEC’s moves.
One X user, @degengent, who used to be on Twitter, pointed out, “ETH Maxis can be completely clueless. However, they are our fools.”
Additionally, U.S. Congressman Patrick McHenry voiced his disapproval of the SEC’s move against Ethereum on March 21st, pointing out that it goes against both the CFTC’s evaluation and the agency’s previous decisions. Despite their rivalry, many are voicing their worries about Ethereum.
A number of ETH opponents, including XRP community member and ETHGate participant attorney Steven Nerayoff, backed the SEC’s move. The scenario is still developing, but seeing the potential of ETH ETFs is fascinating.
Also Read: Estonia Tightens Regulations Regarding Cryptocurrency Firms to Improve Security March 22, 2024
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