🚨🚨🚨 NOW🚨🚨🚨
Ethereum Foundation under investigation by 'state authority'
The scope of the investigation is unknown.
The Ethereum Foundation, the Swiss nonprofit at the heart of the#Ethereumecosystem, is being investigated by an unnamed "state authority," according to the group's website's GitHub repository. "We have received a voluntary inquiry from a state authority." which included a confidentiality requirement."
Ethereum is the second-largest#blockchainby market capitalization after Bitcoin, and was launched in 2015 following an initial coin offering for the blockchain's native ETH token.
Possible explanations
A lawyer familiar with the situation told Coindesk that a Swiss regulator may have submitted a document request to the Ethereum Foundation and could be working with the US Securities and Exchange Commission (SEC).
“I also think it's fair to say that the Ethereum Foundation is not the only entity they are seeking information from,” the lawyer told CoinDesk, saying other foreign entities are coming under scrutiny.
The SEC is evaluating multiple applications for an Ether ETF, but analysts following the process are becoming less optimistic that such applications will be approved by the federal regulator, citing a lack of engagement between applicants and SEC officials.
