SEC drops investigation into Ethereum’s status as a security

On the markets side, BlackRock CIO Samara Cohen revealed that about 80% of Bitcoin ETF purchases since their launch in January have been made by “self-directed investors” through online brokerage accounts. This trend shows the growing interest and participation of retail investors in the crypto market, although it also raises concerns about the potential volatility and short-term thinking associated with this investor segment.

On the regulatory front, Uphold, a New York-based crypto exchange, will discontinue support for several stablecoins. This includes USDT, DAI, and Frax Protocol (FRAX) in anticipation of the upcoming Markets in Crypto Assets (MiCA) regulation. Once implemented, MiCA is expected to affect the current USD-dominated stablecoin market, with euro-backed stablecoins likely to thrive better under the new rules.

• SEC drops investigation into Ethereum’s status as a security
• Majority of Bitcoin ETF buyers are individual investors, not big players
• Uphold announces phaseout of stablecoin support as MiCA regulations loom

Data powered by CoinGecko.

SEC drops investigation into Ethereum’s status as a security

The SEC’s decision to close its investigation into Ethereum 2.0 without pursuing legal action is a major milestone for the crypto industry. It not only affirms that ETH is not a security but also removes a significant source of uncertainty that could have hindered the development and adoption of Ethereum-based projects.

This news is a cause for celebration, as it validates the decentralized nature of Ethereum and reinforces the belief that the network is a fundamental infrastructure for the future of finance and beyond. The SEC’s stance also sets a precedent that could benefit…