Ethereum
Ethereum wins, Cardano Creator co-signed by U.Today
U.Today – A new day in the cryptocurrency market brought a new regulatory development, which emerged victorious as the SEC closed its investigation into cryptocurrency. The regulator’s move means it will not pursue charges alleging sales of ETH as securities transactions, a move that echoes recent approvals of ETFs based on the leading altcoin as a commodity.
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 the focus of this regulatory review.
Notably, Charles Hoskinson, co-founder of Ethereum and creator of , supported Consensys’ announcement. Hoskinson, whose own project, Cardano, has already been the subject of SEC investigations regarding its ADA token, reposted the news and gave his silent co-sign.
Cautious optimism
The timing of Consensys’ announcement, amid reduced trading volumes due to the closure of US markets, suggests an attempt to bolster market sentiment. Despite speculation about the inevitability of the SEC’s decision following the ETF approvals, Consensys’ assertion provided a notable boost to the altcoin markets in recent hours.
Still, market watchers are waiting for U.S. exchanges to reopen on Thursday to gauge the full impact on broader market dynamics.
Although the SEC’s decision is considered positive for Ethereum, uncertainties remain around the ongoing MetaMask staking process, suggesting continued regulatory challenges.
In summary, Ethereum’s removal of regulatory hurdles, supported by industry figures such as Hoskinson, could be crucial in shaping future developments in blockchain technology and investor confidence.