Solana Community Rallies Behind Ethereum, Challenges SEC’s Attempt to Classify ETH as a Security
In a bold move, Anatoly Yakovenko, co-founder of Solana, has come out against the Securities and Exchange Commission’s (SEC) covert efforts to label Ethereum (ETH) as a security. Reports from The Crypto Basic suggest that the SEC is launching a campaign to potentially categorize ETH as a security, prompting Yakovenko and the Solana community to take a stand.
Insiders familiar with the situation have leaked information that the SEC has requested financial records and other documents from US firms that have had dealings with the Ethereum Foundation. However, the regulator has yet to officially comment on these claims. The revelation has sparked a range of reactions from prominent figures in the crypto community, including Yakovenko, who vehemently opposes ETH’s potential classification as a security. In a bold statement, Yakovenko declared, “If the state is against Ethereum, then I am against the state.”
The Solana community has rallied behind Yakovenko’s stance, recognizing the importance of standing in solidarity with ETH despite being a competitor. They believe that protecting the industry from damaging classifications outweighs any internal rivalries. As one community member put it, “ETH maximalists may be idiots, but they are our idiots,” highlighting the camaraderie among different crypto communities.
There are also concerns that Solana could be the SEC’s next target if its move against Ethereum proves successful. It should be noted that the SEC has already categorized Solana as a security in a lawsuit against Binance last June. However, unlike its treatment of XRP in previous years, the SEC has not filed any formal complaints against other tokens labeled as securities, including Solana.
The SEC’s alleged attempt to classify ETH as a security has surprised many, considering its history with Ethereum founders. US Congressman Patrick McHenry has highlighted the contradiction between this move and the assessments made by the Commodity Futures Trading Commission (CFTC) and the SEC’s previous actions.
While some critics of ETH, like attorney Steven Nerayoff, known for his involvement in the XRP community and the “ETHGate” scandal, argue that the SEC’s move is justified, others believe it is a dark plot that exposes corruption. Nerayoff claims, “The truth behind Ethereum and the SEC’s involvement is dark. It is about time we shine a light on the extensive corruption intertwining Ethereum and our government.”
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