Ethereum Defies SEC Probe with Over 13% Price Jump!

• Ethereum’s price surged by 13.2% despite ongoing regulatory scrutiny, reaching $3,543.54 within 24 hours.
• The Ethereum Foundation faces investigation by an undisclosed state authority, while the SEC subpoenas businesses linked to Ethereum transactions.
• Despite regulatory challenges, prominent figures in the industry express confidence in Ethereum’s pivotal role within the crypto ecosystem.

Ethereum (ETH) is making significant strides upwards despite facing scrutiny from regulatory bodies. ETH had a remarkable surge of 13.2% over the past 24 hours, reaching $3,543.54. 

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This bullish momentum comes amidst an investigation initiated by a state authority, possibly the United States Securities and Exchange Commission (SEC). Recent reports disclosed that the Ethereum Foundation has come under investigation by the unnamed state entity. 

Additionally, the SEC has issued subpoenas to various businesses suspected of engaging in transactions involving Ethereum. The SEC’s focus is to potentially categorize Ethereum as a security, posing challenges for the approval of a spot Ethereum ETF, with a looming deadline for issuers like VanEck set for May 23.

Despite these regulatory uncertainties, Ethereum’s price resilience has defied expectations within the cryptocurrency community. Notably, industry figures such as Solana’s Anatoly Yakovenko and Coinbase’s Paul Grewal have expressed support for Ethereum, highlighting its pivotal role in the digital currency landscape. Grewal emphasized Ethereum’s significance in driving the evolution of decentralized finance (DeFi) infrastructure, warning that regulatory interference could disrupt development efforts and dampen investor confidence. 

As stakeholders await the outcomes of the ongoing investigations and the impending decision on the spot Ethereum ETF, the current growth trajectory suggests that investors remain optimistic in the long term. The industry’s backing of Ethereum underscores its enduring appeal despite regulatory headwinds, indicating a strong belief in its potential to shape the future of finance.

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