- Recent developments in the crypto world have sparked controversy and debate, with the SEC’s secret classification of ETH as a security and the sentencing of Binance founder Changpeng Zhao.
- Meanwhile, early Bitcoin investor Roger Ver has been charged with tax evasion, adding to the tumultuous week in crypto news.
- These events have stirred reactions across Crypto Twitter, with many expressing their views on the ongoing legal battles.
Explore the latest developments in the crypto world, including the SEC’s secret classification of ETH, the sentencing of Binance’s founder, and the tax evasion charges against early Bitcoin investor Roger Ver.
SEC’s Secret Classification of ETH as a Security
Unredacted portions of a lawsuit filed by Ethereum software company Consensys against the U.S. Securities and Exchange Commission (SEC) revealed that the regulator has secretly considered ETH to be a security for over a year. This revelation has sparked anger and indignation, especially as SEC Chair Gary Gensler has repeatedly refused to comment publicly on his agency’s view of ETH.
Reactions to the SEC’s Decision
Even prominent American lawmakers have waded into the debate. Rep. Patrick McHenry (R-NC), chair of the House Financial Services Committee, accused Gensler of having lied when he testified before Congress about ETH’s regulatory status without revealing the SEC’s internal, pre-existing determination on the subject.
Binance Founder Sentenced
Binance founder Changpeng “CZ” Zhao was sentenced to four months in U.S. federal prison for money laundering violations. While the sentencing was significant, the punishment was far less harsh than the three years prosecutors were hoping for. Zhao himself took to Twitter to share his plans for life after prison and assert that he accepted the outcome of the trial.
Charges Against Early Bitcoin Investor
The U.S. Department of Justice announced that it charged Roger Ver, an early Bitcoin investor known as “Bitcoin Jesus,” with evading nearly $50 million worth of taxes. Ver was arrested by authorities in Spain. Many on Twitter decried the arrest as an unjust anti-crypto provocation, given the fact that Ver renounced his U.S. citizenship in 2014.
Conclusion
The recent legal developments in the crypto world have stirred controversy and debate. With the SEC’s secret classification of ETH as a security, the sentencing of Binance’s founder, and the tax evasion charges against early Bitcoin investor Roger Ver, it’s clear that the legal landscape for cryptocurrencies is complex and evolving. As these cases unfold, they will undoubtedly shape the future of the crypto industry.
