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SEC Suit Hints at Case after Ethereum Merge

(Last Updated On: September 20, 2022)

After the Ethereum Merge for environmental reasons by moving from proof of stake to proof of work. This eliminates the need for hardware miners just like Bitcoin to reduce energy usage.

The SEC will regulate because ETH transactions take place on US-based servers. This totally makes sense for the regulators to step This is America the free America that promotes innovation. There is a general consensus now to stay out of reach of Western tech because of things like this.

Those Ether transactions originated in America and “were validated by a network of nodes on the Ethereum blockchain which are clustered more densely in the US than in any other country,” the SEC said. “As a result, those transactions took place in the US.”…

The comment appears in the 69th paragraph of the 23-page filing, a lowly position which perhaps cautions against reading too much into it. Still, it winks at the possibility of a case for US jurisdiction over the most commercially important blockchain based on where the bulk of its computing happens.

https://www.bloomberg.com/news/articles/2022-09-20/sec-suit-hints-at-case-for-us-jurisdiction-over-ethereum-network?leadSource=uverify%20wall

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