Solana Community Supports Ethereum, Challenges SEC on ETH Classification
Anatoly Yakovenko, co-founder of Solana, has taken a stand against the Securities and Exchange Commission (SEC) in their recent efforts to classify Ethereum (ETH) as a security. The SEC has reportedly requested financial records and other documents from U.S. firms that have collaborated with the Ethereum Foundation, but they have not made an official statement on the matter.
Yakovenko has expressed his disagreement with the potential classification of ETH as a security, stating, “If the state is against Ethereum, then I am against the state.” This statement has garnered support from members of the Solana community, with one user commenting, “This is the energy we need in this space.”
Despite being competitors, some community members believe it is important to stand in solidarity with Ethereum to protect the industry from detrimental classifications. One commenter stated, “ETH maximalists may be idiots. But they are our idiots,” highlighting the rivalry among different crypto communities.
There is also speculation that Solana could be targeted by the SEC if their efforts against Ethereum are successful. It is worth noting that the SEC has already labeled Solana as a security in a lawsuit against Binance last year. However, the SEC has not taken formal action against other tokens classified as securities alongside Solana, unlike their approach with XRP in the past.
U.S. Congressman Patrick McHenry has expressed surprise at the SEC’s move to classify ETH as a security, noting that it contradicts the assessment of the Commodity Futures Trading Commission (CFTC) and the SEC’s previous actions. On the other hand, some critics of Ethereum, such as attorney Steven Nerayoff, believe the SEC’s actions are justified due to alleged corruption involving Ethereum and the government.
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