The U.S. Securities and Exchange Commission (SEC) has completely closed its Ethereum investigation, which sparked a rally in ETH and altcoins. While the transfer by the SEC has gained skepticism, particularly within the XRP group, does Ether gaining standing as a commodity means all proof-of-stake (PoS) cryptocurrencies reminiscent of Solana, Cardano, and Polygon are commodities?
Solana, Cardano, Polygon, Other PoS Crypto Are Commodity?
The SEC’s ending Ethereum investigation sparked hypothesis that Solana, Cardano, Polygon, and different proof-of-stake (PoS) is also commodities. Also, Ether has leaped over Bitcoin and XRP when it comes to gaining regulatory readability.
Popular XRP sleuth Mr. Huber requested former SEC securities lawyer Marc Fagel whether or not the SEC now contemplating Ethereum as a commodity means something for proof of stake crypto tasks. The newest transfer by the SEC brings main PoS crypto reminiscent of Solana, Cardano, and Polygon within the highlight. The SEC has alleged Solana, Cardano, and Polygon as securities in Binance, Coinbase, and different lawsuits.
I’ve no visibility into their pondering however, no, I wouldn’t make that leap. I don’t know what proof (or lack of such) led the SEC to shut the investigation, however I assume the prevalence of significant defenses (not current for different crypto) was an enormous issue.
— Marc Fagel (@Marc_Fagel) June 19, 2024
Alexander Grieve, authorities affairs lead at Paradigm, stated that it’s comparatively uncommon for the SEC to focus on an organization in response to a closure of an investigation. The SEC is “under no obligation to do so.” Also, Ethereum Foundation was a part of the investigation, nevertheless it didn’t obtain any letter.
Marc Fagel agreed that it’s extremely uncommon to ship a closing letter to 1 celebration if one thing was ongoing as to a different celebration in an investigation.
Also Read: XRP, Cardano, & 7 Other Communities Must Watch This Key Move By Binance
Will Consensys Drop Lawsuit Against SEC?
Consensys revealed that the SEC Enforcement Division has closed its investigation into Ethereum 2.0, as per a letter ship by SEC Assistant Director Kristin M. Pauley on June 18. The firm claimed it’s a significant win for Ethereum builders, know-how suppliers, and business contributors.
The transfer is available in response to a letter despatched by Consensys searching for affirmation from the SEC. The May ETH ETF approvals by the SEC had been largely a results of ETH’s standing as a commodity.
Consensys stated it is going to proceed to problem the SEC within the lawsuit. The firm seeks a declaration from the SEC that providing the consumer interface software program MetaMask Swaps and Staking doesn’t violate the securities legal guidelines.
Also Read: The Sandbox Expands Memecoin Chest With DOGE, PEPE, SHIB Purchase
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