Ethereum has risen sharply on the back of the US regulator’s actions

Cryptocurrency experts note: Ethereum ETH $2,341.02 Bridged Ether (StarkGate) -0.71% Market capitalization $0.18 billion VOL. 24 hours $0.79 billion is experiencing a noticeable bullish push. At the time of writing, according to CoinMarketCap, the leading altcoin is up 8.4% and is trading at $ 3,531. The total supply of coins on the market amounted to $ 423.8 billion, and traders made daily trading deals worth $ 31.7 billion. ETH’s market share is 16.8%.

The sharp positive dynamics began immediately after the news that the Ethereum fund was under investigation by an unnamed US government agency. Although this inspection resulted in only minor changes to the fund’s website, a report from Fortune Crypto states that the US Securities and Exchange Commission has subpoenaed various companies that are believed to have conducted Ethereum transactions.

The market regulator’s sole goal, as the report emphasizes, is «to classify Ethereum as a security.» If the officials succeed in achieving this goal, the chances of getting permission to create a spot ETF on Ethereum will be even lower than they are now. It should be noted that the final deadline for some issuers, including VanEck, is May 23.

This bearish news has not yet had a dramatic impact on the Ethereum community, and instead of plummeting, the ETH price has remained steady despite the bearish trend.

Despite the controversial position on the Ethereum protocol and the classification of its securities, many industry experts, including Anatoly Yakovenko, co-founder of Solana SOL $136.63 Solana -2.39% Market capitalization $64.01 billion VOL. 24 hours $0.53 billion , and Paul Grewal, chief legal officer of Coinbase, have praised the coin’s growth prospects.