In a space where more regulation is needed, the SEC made quite an important statement these days.
Ethereum (ETH) is not a security
During a case against KIK, the U.S. SEC has stated once again that Ethereum (ETH) is a usable currency and not a security.
This is not the first time when the SEC classes the digital asset, but not they surely solidified the precedent.
As reported by UToday, the SEC claims that Bitcoin (BTC) is not a security and neither is ETH.
Everyone involved one way or another in the crypto space knows very well that the SEC’s relationship with the cryptocurrencies was not a friendly one especially considering that they have been cracking down on new coins and ICOs as well.
But when it comes to more regulatory clarity for the projects, this is missing.
It’s very important to have more regulation in the crypto space because this is one essential ingredient that’s missing from the mix that could lead the cryptos towards mainstream adoption.
Other essential factors are institutional investors and more use cases of digital assets.
Anyway, with this latest move, the SEC gave ETH the green light, which will definitely make it more attractive for potential investors and could possibly release FOMO as well.
Ethereum price prediction
ETH has been said to be undervalued, and the predictions around the digital assets seem to be getting more bullish.
Smartereum online publication recently noted that the next challenge for ETH is crossing the $300 level.
At the moment, the coin is trading in the green on CoinMarketCap, and it’s priced at $249.13.
In other news, Ethereum development studio ConsenSys and the tech giant Microsoft are teaming up with Louis Vuitton SE as tech partners to create a blockchain platform called AURA – a platform that will enable customers to check, trace, and track the production of luxury goods.