“As a reaction to a tweet made earlier on the X app by the United States Securities and Exchange Commission (SEC), David Schwartz, the Chief Technology Officer (CTO) of fintech company Ripple Labs has hit the regulator with a question concerning the security status of Ethereum (ETH).“
Ripple CTO Questions SEC on Ethereum Security Status
David Schwartz, the Chief Technology Officer (CTO) of Ripple Labs, has responded to a tweet by the United States Securities and Exchange Commission (SEC) regarding the security status of Ethereum (ETH). This comes after the SEC’s false announcement approving BlackRock’s Bitcoin Exchange Traded Fund (ETF) application, which caused a surge in BTC prices.
SEC Warns Public About Misinformation
The SEC took to the X app to warn people about misinformation and encouraged them to be cautious about the information they read on the internet. The regulatory body emphasized that “the best source of information about the SEC is the SEC.”
Schwartz’s Mockery Inquiry
In response to the SEC’s tweet, David Schwartz asked if the SEC considers people selling ETH on exchanges as selling securities. He challenged the SEC to provide an answer and referred to them as “the best source” of information.
SEC Yet to Respond
As of now, there has been no response from the SEC regarding Schwartz’s question. It is understandable that the regulatory body is cautious about providing an answer as it could lead to further controversy in the crypto space.
SEC’s Relationship with Ethereum
It is important to note that XRP is currently the only token with a legal non-securities status in the United States. Neither Ethereum nor any other cryptocurrency has been officially recognized as non-securities. This raises questions about ETH’s classification and its ties with former SEC official William Hinman, who controversially classified Ethereum as non-securities.
Hot Take: Uncertainty Surrounding ETH’s Security Status
The question posed by David Schwartz to the SEC regarding Ethereum’s security status highlights the ongoing uncertainty in the cryptocurrency industry. With XRP being the only token recognized as non-securities, the classification of other cryptocurrencies, including Ethereum, remains a topic of debate. The lack of response from the SEC further adds to the intrigue surrounding this issue and leaves investors and enthusiasts waiting for clarification.
By
By
By
By
By