Despite U.S. Securities and Exchange Commission’s (SEC) controversial claims over Ethereum (ETH) transactions, it has seen a price jump of 4 percent in the last 24 hours.
SEC filed a lawsuit against Ian Balina, a crypto influencer, on September 19 claiming that he failed to register his digital assets before the 2018 ICO offering.
However, after reading the fingerprint, the crypto observers saw that the SEC was worried as Balina’s crypto transactions took place. The SEC stated that the entire Ethereum network comes under the purview of the US government.
The SEC in its filing stated that the ETH sent to Balina was confirmed by a network of nodes in the Ethereum blockchain and it was majorly “clustered” in the US.
The highest density of Ethereum nodes is currently in the US with around 45 percent, followed by Germany which has around 19 percent of Ethereum nodes, according to data from Etherscan. SEC has claimed its jurisdiction over the global ETH network as the US dominates the overall ETH nodes.
The accusations by the SEC did not discourage the confidence of investors in the ETH. After a significant decline over the weekend, the price of ETH has increased four percent in the last 24 hours and is currently trading above $1,350 levels.
The price jump also comes after the US market showed strength after being low last week. The US market closed in the green on Monday, this comes ahead of the FOMC meeting in the coming days. The investors are expecting a 75 basis point rate hike to control the inflation, but there is a probability of the Feds going further and announcing a 100 basis points rate hike.
The SEC chair Gary Gensler has also hinted that Ethereum staking could trigger the securities laws, after the Merge.
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