Ethereum Foundation is the Swiss non-profit organization at the heart of the Ethereum ecosystem. According to the group’s website’s GitHub repository, it is under investigation by an unnamed “government authority.” The scope and focus of the investigation is not yet known. In the statement on GitHub, “we have received a voluntary inquiry from a government authority with a confidentiality requirement.” The statement is included.
Ethereum Foundation is under investigation, no clear statement yet!
Pablo Pettinari, frontend developer of the Ethereum Foundation, added this news to the code repository of the Foundation’s website. The investigation comes at a time of change for ETH technology. Ethereum is the second largest Blockchain in terms of market cap after Bitcoin. In 2015, Blockchain’s native ETH token was launched following the initial coin offering. Earlier this month, Blockchain underwent a major technical upgrade called Dencun, designed to lower transaction costs for users of Ethereum-based layer-2 platforms.
Meanwhile, in the US, investors are awaiting an outcome on the issue of an ETH ETF, with a late May deadline for some applications. Previously, the Ethereum Foundation’s website contained the following statement:
The Ethereum Foundation (Stiftung Ethereum) has never been contacted by any institution anywhere in the world in a way that would require such contact not to be disclosed. Stiftung Ethereum will publicly address any inquiries from government agencies that are outside the scope of normal business operations.
Possible explanations regarding the issue
A lawyer familiar with the matter said a Swiss regulator may have requested a document from the Foundation. He also noted that it’s possible he’s working with the U.S. Securities and Exchange Commission (SEC). “I also think it is fair to say that the Ethereum Foundation is not the only organization they are seeking information from,” the lawyer said. In addition, he noted that other offshore organizations are also being examined.
cryptokoin.comAs you follow from , the SEC is considering multiple applications for an ETH ETF. However, analysts who follow the process point out the lack of interaction between applicants and SEC officials. Therefore, analysts are becoming less optimistic that such filings will receive approval from the SEC. The attorney said “rumors of any activity” by the SEC and its offshore counterparts may be related to the May 23 deadline the SEC is facing.
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