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Ethereum Explores Higher Levels As It Heads For $800

Ethereum | Ethreum Price | Ethereum Regulation | Ethereum News

Last week, Ethereum (ETH) roared up again, settling its price above $770. ETH grew by 17% net last week, adding another 7% on Asian trading. And just like many other digital assets, in the past month, ETH has pushed off from the lows, moving with a gradual upward trend and volumes returning and becoming more consistent.

The appetite for Ethereum appears to be on the rise and could be another Month where ETH/USD explores higher levels towards $1,000.

The Ethereum regulation is still yet to be decided on May 7th as a working group of senior CFTC and SEC officials prepare a meeting that will determine the manner in which digital currencies are classified under securities laws. Most people predict that no final decision will take place.

However, the meeting itself should be be considered and paid attention to with deep thought, as the end result could send Ethereum to undesired lows, or to unimagined highs.

From our subjective stance, if ETH is titled a security by the United States’ government, then, obviously, short-term price action may be negative, but as the underlying technology, Ethereum, is borderless and does not depend on the opinion of a regulatory committee from one country, its long-term prospects should be unaffected.

If a deadlock/ clampdown happens, investors will have a short-term sense of relief, which may assist financial gains. Should a conclusion be met in which ETH is not a security, the long-term prospects of the technology and its financial standing within the community would likely prosper.

Within the last week, Joesph Lubin, co-founder of Ethereum, stated,

“We spent a tremendous amount of time with lawyers in the US and in other countries, and are extremely comfortable that it is not a security; it never was a security… many regulators that matter understand what Ethereum is.”

CFTC Chairman Christopher Giancarlo, however, disagrees with this appraisal. Speaking at a conference last month, Giancarlo stated that the CFTC was “struggling to find out how we apply an old law to really new and different applications.”

SEC Commissioner Michael Piwowar had the same school of thought when he said,

“Is an ICO a security? … so far, as our chairman has said, everyone that he has looked at, everyone I have seen is a security …  Bitcoin itself is not a security but these customized tokens for these initial coin offerings, most of them are. There is some legitimate stuff going that is on and then there is literally the fraud ones.”

However, The CFTC chairman also suggested a “do no harm” crypto policy in a testimony presented to the Senate Banking Committee earlier this year.

“Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response.”

With the bodies toggling with their stance on Ethereum and other cryptocurrencies, it is yet to be seen if Ethereum price is able to surge in the coming times despite the stringent regulations.

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.

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