SEC claims all ethereum is under its jurisdiction in Ian Balina’s indictment

News on September 20th, the U.S. Securities and Exchange Commission (SEC) has launched a lawsuit against cryptocurrency investor Ian Balina’s involvement in the promotion of the 2018 unregistered crypto asset SPRK, but the crypto community found in the SEC’s indictment that the The regulator considers all ethereum to be within its jurisdiction. In paragraph 69 of the indictment, the SEC states that the ETH sent to Ian Balina is verified through a network of nodes on the Ethereum blockchain, which have a higher cluster density in the United States than in any other country, so these transactions are Taking place in the United States means that the regulator believes that more Ethereum validating nodes operate in the United States than in any other country, so all Ethereum transactions worldwide should be considered to originate in the United States, and the SEC has has jurisdiction over all activities on the website. Brian Fyre, a law professor at the University of Kentucky, said this is the first time the SEC has really articulated how it understands how the ethereum ecosystem works and why they think ethereum falls under the SEC’s purview. According to Etherscan data, 45.85% of Ethereum nodes currently come from the United States, compared to 19% in Germany, which ranks second. (decrypt)

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