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SEC Setback: Ethereum Wins, Cardano Creator Co-Signs

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Wed, 19/06/2024 - 11:17
SEC Setback: Ethereum Wins, Cardano Creator Co-Signs
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A new day on the crypto market brought a new regulatory development, as Ethereum emerged victorious when the SEC closed its investigation into the cryptocurrency. This decision by the regulator means that it will not pursue charges alleging ETH sales as securities transactions, a decision that echoes recent ETF approvals premised on the main altcoin as a commodity.

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The closure of the investigation, confirmed by Consensys, the company that developed MetaMask, marks a significant victory for developers and contributors. Ethereum 2.0, an upgrade aimed at improving scalability and sustainability through proof-of-stake mechanisms, was at the center of this regulatory scrutiny.

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Notably, Charles Hoskinson, cofounder of Ethereum and creator of Cardano, supported Consensys' announcement. Hoskinson, whose own project, Cardano, has previously faced SEC inquiries regarding its ADA token, reposted the news and gave his silent co-signature.

Cautiously optimistic

The timing of Consensys' news, amid reduced trading volumes due to closed U.S. markets, suggests an attempt to boost market sentiment. Despite speculation about the inevitability of the SEC's decision following the ETF approvals, Consensys' affirmation provided a noticeable boost to the altcoin markets in recent hours.  

Nevertheless, market observers are awaiting the reopening of U.S. exchanges on Thursday to gauge the full impact on broader market dynamics.

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While the SEC's move is seen as positive for Ethereum, uncertainties remain around the pending MetaMask staking process, suggesting continued regulatory challenges.

In sum, Ethereum's clearing of regulatory hurdles, supported by industry figures such as Hoskinson, could be crucial in shaping future developments in blockchain technology and investor confidence.

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