ETH Price Strengthens After SEC Wants to Stop Investigation

Todaysgist.com, Jakarta – Crypto Ethereum (ETH) recorded its best increase this week amid information that the US Securities and Exchange Commission (SEC) would stop investigating ETH after being considered an unregistered security.

Based on data from Coinmarketcapon Wednesday the price of ETH rose 3.12 percent in the last day and was trading at around USD 3,559 or the equivalent of IDR 58.23 million (assuming an exchange rate of IDR 16,631 per US dollar).

Ether is a coin of the Ethereum blockchain, the most important network for crypto-based financial services. The US Securities and Exchange Commission (SEC) investigation into the Ethereum Foundation highlights the uncertainty of whether Ether is an unregistered security, a status that could dampen demand for the digital asset.

Reporting from Yahoo Finance, Wednesday (19/6/2024), in a post on X, Ethereum developer Consensys said the SEC Enforcement Division had notified them of closing its investigation into Ethereum.

The agency last month signed off on a proposal by venues run by Cboe Global Markets Inc, Nasdaq and the New York Stock Exchange to list exchange-traded funds that invest directly in Ether. Further approval is required before applicants such as BlackRock Inc. and Fidelity Investments could launch the product.

Although Bitcoin is viewed as a commodity, the SEC argues most other tokens are unregistered securities that must be supervised.

But SEC Chairman Gary Gensler has been ambiguous about whether Ether is a security. Crypto enthusiasts are concerned about the token and the possibility of projects based on the Ethereum blockchain falling under the agency's strict and expensive rules.

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