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Consensys, a major development firm in the Ethereum ecosystem, has alleged in a newly unredacted complaint that the SEC secretly reversed its stance on Ethereum’s legal status over a year ago. The company claims the SEC’s enforcement director approved a formal investigation into “Ethereum 2.0” in March 2023, signaling the agency now views ETH as a security despite previous indications to the contrary.
Forbes has identified a group of 20 high-value tokens, labeled as “zombie blockchains,” that maintain significant market valuations despite showing minimal real-world utility or user adoption. The list includes Ripple (XRP), Cardano (ADA), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum Classic (ETC), which continue to operate and trade without fulfilling their intended practical purposes.
Russia is gearing up to implement a comprehensive ban on the general circulation of cryptocurrencies, permitting only digital financial assets issued within its jurisdiction. This development comes as geopolitical tensions escalate, prompting Russian legislators to introduce a bill aimed at tightening the country’s grip on the crypto ecosystem.
SEC considered Ethereum unregistered security for at least a year
Russia prepares for total crypto ban as geopolitical tensions rise
Forbes lists XRP, ADA, LTC, ETC among top “zombie” tokens
Ticker
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Bitcoin
1.1%
-4.2%
Ethereum
1.2%
0.4%
L1s
0%
-0.9%
L2s
-3.7%
-6.1%
DeFi
-1.5%
-3%
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SEC considered Ethereum unregistered security for at least a year
The SEC’s apparent shift in perspective on Ethereum could subject a wide range of projects and companies to more stringent oversight, given Ethereum’s status as a leading smart contract platform. Consensys argues the SEC’s actions threaten to destabilize the sector and has filed a preemptive lawsuit challenging the agency’s authority.
The classification of tokens like Ethereum as securities has been a contentious issue for years. While former SEC officials suggested Ethereum was not a security, current Chair Gary Gensler has hinted that many cryptocurrencies likely fall under the agency’s purview. The SEC’s approval of Ethereum futures ETFs last year seemed to signal a more accommodating stance, but recent actions have cast doubt on this assumption. [cryptobriefing]
Russia prepares for total crypto ban as geopolitical tensions rise
Spearheaded by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, the proposed legislation seeks to bolster the ruble’s supremacy by curtailing non-Russian crypto operations. Aksakov emphasizes that only digital financial assets issued in Russian jurisdiction and digital rubles will be allowed, underscoring the need to reinforce the ruble’s role as the sole monetary unit within the country.
The decision to ban crypto in Russia has raised concerns about its potential impact on national security. Reports suggest that Russian entities have been using crypto to buy military technology, effectively circumventing sanctions and other restrictions. [cryptobriefing]
Forbes lists XRP, ADA, LTC, ETC among top “zombie” tokens
The term “zombie blockchains” refers to projects that, like the undead, exist but do not exhibit signs of life in terms of utility or substantial user bases. These tokens thrive financially due to speculative trading and substantial initial funding rather than achieving their technological or practical goals. Ripple’s XRP was designed to compete with the SWIFT banking network, but now it relies on speculative trading for its high market value, with minimal revenue from actual network usage.
The persistence of “zombie blockchains” highlights that the speculative interest and historical significance can sustain projects despite their lack of practical adoption. The report also underscores the need for improved governance and financial accountability mechanisms in these blockchain entities, which operate without regulatory oversight or obligations to shareholders. [cryptobriefing]
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