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‘Ethereum-killer’ Solana’s co-founder supports Ethereum – Here’s why

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Is SEC’s Ethereum investigation a planned move or a sign to curb the upcoming Ether ETFs?

SEC probe into ETH

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  • Solana co-founder Anatoly Yakovenko joins hands with Ethereum against SEC. 
  • On the other hand, Steven Nerayoff applauds SEC’s probe into Ethereum. 

The recent Security and Exchange Commission (SEC) probe into Ethereum [ETH] and its foundation has stirred speculation within the cryptocurrency community. 

With Ethereum experiencing a 4% decline over the last week, concerns arise about the potential implications for spot Ether ETFs. 

While some consider this as a strategic move, others believe it’s a way for the SEC to block Ethereum ETFs. 

Remarking on the same, Finance lawyer Scott Johnsson noted, 

“The SEC needs a non-correlation objection to deny ETH spot ETFs this year and has a desire to avoid undermining the args in the CB/Binance actions – together representing the two biggest crypto issues the agency is managing.” 

Solana backs Ethereum 

Joining the forces, Solana’s co-founder, Anatoly Yakovenko,  said, 

“If the state is against Ethereum, then I am against the state.”

The SEC is said to be gathering information from U.S. firms associated with the Ethereum Foundation, but there has yet to be an official confirmation from the regulator. 

This has sent shockwaves within the crypto community over the potential impact of such a classification on Ethereum and the broader cryptocurrency market.

Despite being competitors, some members of the cryptocurrency community have emphasized the importance of harmony with Ethereum amidst the SEC’s actions. 

For example, an X (formerly Twitter) user, @degengent, noted,

“ETH maxis may be idiots. But they are OUR idiots.”

Adding to harmony, ETF Store President Nate Geraci noted, 

“If SEC was going to argue eth = security, the time to do it was *BEFORE* they approved eth futures ETFs last Oct…They didn’t do that.”

United by crypto, divided by opinion 

On the 21st of March, U.S. Congressman Patrick McHenry also criticized the SEC’s action against Ethereum, noting it contradicts the Commodity Futures Trading Commission’s (CFTC) assessment and the SEC’s past actions.

While many are, expressing concerns with Ethereum despite their competitive relationship. 

Some ETH critics, such as attorney Steven Nerayoff, known for his involvement in ETHGate within the XRP community, supported the SEC’s actions. Hence, as the situation unfolds, it remains intriguing to observe the future prospects of ETH ETFs.

 

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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