ETH Advisor Claims Gensler’s ETH Ties Amid ETF Buzz
Steven Nerayoff, a former advisor to Ethereum, has made serious allegations against SEC Chair Gary Gensler regarding undisclosed connections to Ethereum, especially with the impending launch of an Ethereum ETF. These claims have sparked new conversations about the “ETH Gate” conspiracy, which posits that Ethereum may have dodged regulatory oversight with the SEC’s complicity.
Controversial Approval of ETH as Security by Prometheum Inc.
In what appears to be a tacit nod to an Ethereum ETF, the SEC, under Gensler’s watch, has permitted Prometheum Inc., a regulated securities marketplace, to classify ETH as a security. This endorsement has led to debates and concerns from some political figures over the SEC’s decision-making transparency.
The CCP’s Alleged Influence on Ethereum’s Regulatory Affairs
Nerayoff has extended his allegations to include the influence of the Chinese Communist Party (CCP) on the regulatory treatment of Ethereum. He suggests that the classification of Ethereum as a security could hint at a CCP-driven agenda to centralize and control the cryptocurrency narrative.
On-Chain Analysis Suggests CCP Controls Majority of ETH Supply
Backing Nerayoff’s claims are findings from TruthLabs, an on-chain research firm, which hypothesizes that the CCP might control a staggering 66.6% of Ethereum’s supply. If proven true, this could severely undermine the decentralized ethos that Ethereum is known for.
Nerayoff’s Past Legal Troubles and the Crypto Regulatory Environment
It’s important to note that Nerayoff has faced his share of legal troubles, having been previously accused of extorting a cryptocurrency startup. While those charges were eventually dismissed, his case underscores the complex and often treacherous waters of the crypto regulatory environment.
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