As a seasoned researcher with years of experience navigating the complexities of the financial market and the digital asset landscape, I find this recent development between the SEC and eToro quite intriguing. It seems that Ethereum has managed to carve out its own niche, separating itself from the rest of the cryptocurrencies in the eyes of the regulatory body.
According to the U.S. Securities and Exchange Commission (SEC), Ethereum, the second most popular cryptocurrency, is considered non-security, as demonstrated in their agreement with the crypto trading platform, eToro.
In accordance with their agreement with the agency, eToro will temporarily stop trading activities on most cryptocurrencies, leaving only Ethereum, Bitcoin, and Bitcoin Cash available for trade.
The eToro trading platform has agreed to shell out a relatively measly $1.5 million fine.
It is claimed that eToro breached Section 15(a) of the Exchange Act by performing both broker and clearing agency functions. Additionally, the Security and Exchange Commission (SEC) asserted that eToro also functioned as a custodian and securities depository. Nevertheless, the SEC did not file or settle any charges against eToro.
In July, the Israeli investment platform decided to get rid of Dash (DAH), Algorand (ALGO), and other cryptocurrencies following their classification as securities by the regulatory agency.
In August 2023, eToro faced a lawsuit from the Australian regulatory body regarding their leveraged derivative contracts for cryptocurrency speculation.
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2024-09-12 17:55