Wednesday, December 07, 2022

Is Ethereum Under US Jurisdiction? That’s what the SEC recommends

Is Ethereum Under US Jurisdiction? That's what the SEC recommends

Ethereum continues to give after the activation of which to talk about SicknessEvent where versions 1.0 and 2.0 of the network were merged.

This transition brought with it what the United States Securities Exchange Commission (SEC) first indicated. Ether (ETH), the native cryptocurrency of the above network is intended to be classified as a value,

It became clear after Ian Ballina, influential person And the originator of cryptocurrencies through social networks, received a complaint from the SEC Do not register the SPRK token sale Sparkstair’s, Tomorrow, September 19.

SPRK tokens were to participate in the 2018 Initial Coin Offering (ICO) and They had to contribute through the Ethereum network,

“User ETH contributions were validated by a network of nodes on the Ethereum blockchain, which are more densely clustered in the United States than in any other country. As a result, those transactions took place in the United States” , highlighting paragraph 69 of the document.

it means that SEC believes it has the right to sue Ballina because it has jurisdiction over Ethereum Or at least on nodes that are in that nation.

The United States has the most Ethereum nodes in the world, with a total of 3,382, followed by Germany with only 927. Source: ethereum nodes/

Currently, the United States is the country with the most nodes With 3,382 out of a total of 7,875 active nodes located in its territory all over the world.

Response to US complaint via SEC

Ballina herself was the first to dismiss the SEC’s allegations. “Excited to make this fight public. This frivolous SEC fee sets a bad precedent for the entire cryptocurrency industry.” public a twitter.

the influencer believes Entire Cryptocurrency Venture Capital Fund Space Is “In Trouble”If investing in private sales at a discount is considered a crime.

On the other hand, expert Adam Cochran Express That the SEC is using the Ballina case to “try to set a precedent by saying that all crypto is within their jurisdiction.”

In turn, he considered this an “absolutely unacceptable excessive move that would have to be aggressively dismissed,” he remarked.

Another expert, Gail Sanchez Smith, also dared to go further, saying that . with the advent of Sickness, Warning what Before the end of this decade, Ethereum will comply with the regulations of the Foreign Asset Control Office (OFAC).

“I think the rhetoric will turn to reduce resistance to censorship and praise ETH’s other perceived properties,” Bitcoiner said alongside an image of a tweet by Ethereum founder Vitalik Buterin.

There, Vitalik expressed that People underestimate cryptocurrency payments And that they are even better than censorship resistance, because they are so much more convenient.

As mentioned at the beginning, Ethereum has started a new phase in which it has overtaken mining, in order to make way for transactions that are valid. expressed A fact reported by cryptonoticious, with proof of participation (PoS).

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