Solana
Are Solana, Cardano and Polygon Commodities products as US SEC ends investigation into Ethereum?
The United States Securities and Exchange Commission (SEC) has permanently closed its Ethereum Survey, which sparked a rally in ETH and altcoins. Although the SEC’s decision has been met with skepticism, especially in the XRP community, does Ether gaining commodity status mean that all proof of participation (PoS) cryptocurrencies such as Solana, Cardano and Polygon are commodities?
Solana, Cardano, Polygon and other PoS cryptocurrencies are commodities?
The end of the SEC’s investigation into Ethereum has sparked speculation that Solana, Cardano, Polygon and other proof-of-stake (PoS) could also be commodities. Furthermore, Ether has surpassed Bitcoin and XRP in terms of regulatory clarity.
Popular XRP sleuth Mr. Huber asked former SEC securities attorney Marc Fagel if the SEC now considering Ethereum as a commodity means anything for proof of stake in crypto projects. The SEC’s latest decision puts major PoS cryptocurrencies such as Solana, Cardano, and Polygon in the spotlight. The SEC alleged Solana, Cardano and Polygon as securities in BinanceCoinbase and other lawsuits.
Alexander Grieve, head of government affairs at Paradigm, said it’s relatively unusual for the SEC to single out a company in response to closing an investigation. The SEC has “no obligation to do so.” Also, Ethereum Foundation participated in the investigation, but did not receive any letters.
Marc Fagel acknowledged that it is very unusual to send a closure letter to one party if something is pending regarding another party in an investigation.
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Will Consensys drop SEC lawsuit?
Consensys revealed that the SEC’s Enforcement Division has closed its investigation into Ethereum 2.0according to a letter sent by SEC Deputy Director Kristin M. Pauley on June 18. The company claimed that this was a major victory for Ethereum developers, technology providers and industry participants.
This decision follows a letter sent by Consensys requesting confirmation from the SEC. The SEC’s May approvals of the ETH ETF were largely the result of ETH’s status as a commodity.
Consensys said it will continue to challenge the SEC in this lawsuit. The company is asking the SEC to declare that offering MetaMask Swaps and Staking user interface software does not violate securities laws.
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