JAKARTA - Vitalik Buterin, co-founder of Ethereum, gave his views on law enforcement actions recently carried out by the SEC on cryptocurrency exchanges and projects.
In an interview with Matt Huang, founder of Paradigm, a crypto investment firm, Buterin expressed his frustration with Solana's impact and other projects. According to him, they shouldn't be targeted, and if Ethereum eventually becomes the only blockchain left on the exchange, it's not an honorable way to win.
Buterin also gave warnings about possible covert purposes behind this action. He stated that true competition is not between various blockchains, but with a centralized world that is growing and affecting us. He hopes that other crypto projects will receive fair treatment in this situation.
Current legal cases involving the SEC, Coinbase, and Binance also involve Solana, Cardano, Polygon, BNB, and other cryptocurrency projects. The SOL token, which is Solana's original token, is considered a security in this case, which threatens its stability as well as registration on the US exchange without prior permission.
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On the other hand, the Solana Foundation, which aims to build the Solana protocol into a sensor-resistant network, questioned the SEC's vision and expressed its disapproval of the SOL classification as a security.
On the other hand, Ether's status, the original Ethereum network token, is also part of a debate over securities classification. SEC chairman Gary Gensler has not provided a direct answer as to whether Ether is considered a security by the commission.
However, former SEC official William Hinman, in his speech in 2018, stated that based on his understanding, currently Ether's offerings and sales are not securities transactions. However, New York attorney general Letitia James, in her lawsuit against Kucoin on March 9, 2023, classified Ether as a securities.
According to JPMorgan analyst Nikolaos Panigirtzoglou, documents released by Hinman, including internal memos and emails reflecting internal SEC discussions before the speech, raising the possibility of Ethereum being considered a commodity. This could trigger wider decentralization growth.
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