Ethereum just scored a major victory!
Consensys, a key player in the Ethereum ecosystem, announced that the SEC has closed its investigation into Ethereum 2.0. This news comes after a letter sent by Consensys to the SEC in June to confirm that the ETH ETF approval in May, which was based on ether being a commodity, meant that the agency would close its Ethereum 2.0 investigation.
But is this a sign of things to come for other cryptocurrencies facing regulatory scrutiny? Read on to find out the latest developments and see how this might impact the future of Ethereum.
While the Ethereum community is celebrating, the XRP community is criticizing the SEC for what they see as biased treatment. They argue that Ethereum received leniency while Ripple’s XRP has faced more scrutiny and legal challenges.
Earlier this year, Consensys took a proactive legal stance against the SEC, filing a lawsuit on April 25, 2024, to protect Ethereum’s status as a commodity. The lawsuit argued that Ethereum’s classification should exempt it from SEC oversight, echoing arguments made since the SEC’s 2018 Hinman speech.
Ripple Lashes Out
Bill Morgan, a prominent figure in the crypto community, highlighted what he views as inconsistent regulatory treatment, noting that Ethereum received leniency years after receiving clarity on its non-security status from the SEC. This contrasts sharply with Ripple’s ongoing legal battles and substantial costs associated with SEC inquiries, exceeding $100 million.
Analyst @digitalassetby criticized the SEC’s selective enforcement, highlighting the financial burden on Ripple compared to Ethereum’s smoother regulatory journey.
Market Speculation
Following the SEC’s decision, speculation about an ETH ETF approval has increased. This is viewed positively for Ethereum’s acceptance and market growth.
Ethereum’s price rose by 2.78%, reaching $3,544. Shortly after the SEC’s announcement, a significant investor bought 5,603 ETH worth $19.7 million, signaling confidence in Ethereum’s regulatory clarity and market potential.
The closure of the SEC’s investigation into Ethereum marks a significant milestone for the cryptocurrency. While Ethereum supporters celebrate, debates over fair and consistent crypto regulations continue within the industry and beyond.
Also Read : Analyst Reveals Why Nvidia’s Surge is a Bearish Call for Bitcoin
Do you think the SEC’s decision on Ethereum will influence the outcome of Ripple’s case? Let us know what you think!
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