Former Ethereum advisor Steven Nerayoff has made serious accusations against U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, accusing him of not being publicly involved in ETH in anticipation of an Ethereum exchange-traded fund (ETF). Nerayoff’s comments have reignited concerns about “ETH Gate,” via a statement on
Suspected connections between Ethereum, Gensler, and CCP
Nelayov allegedly”, “As speculation surrounding an Ethereum ETF continues to grow, it’s become clear that the SEC, led by Gary Gensler, is more involved in ETH than meets the eye. He specifically accused Gensler of “indirectly approving Prometheum Inc’s designation of ETH as a security, in effect secretly supporting the ETF.” ” These claims are intertwined with the influence of the Chinese Communist Party (CCP), hinting at the complex interplay of interests shaping Ethereum’s regulatory journey.
As speculation surrounding an Ethereum ETF continues to grow, it’s become clear that the U.S. Securities and Exchange Commission (SEC), led by Gary Gensler, has more involvement in ETH than meets the eye. Indirect approval from Gensler @promethiumcompany Designating ETH as a security is actually secretly endorsing an ETF.
This decision shows… pic.twitter.com/i0TVEdLDfq
— Steven Nerayoff (@StevenNerayoff) February 12, 2024
He concluded: “This decision demonstrates that Gensler’s actions were heavily influenced by the Chinese Communist Party and raises questions about the consequences of alternative actions. For Gensler, Lubin and Vitalik, the stakes go beyond investors; theirs The decision has led them down an irreversible path.”
Highlighting the potential personal risk to Gensler and the ethereum founder, Nerayoff also claimed that there are “signs that he is worried about more than just a jail cell,” suggesting the risks extend far beyond regulatory implications.
Amid widespread speculation about the Chinese Communist Party’s investment in Ethereum, Nelayov responded: “Exactly! It’s been a long time coming; they will never let their efforts go to waste.” This conversation’s impact on the centralization of Ethereum and potential CCP control ringing alarm bells, Nerayoff warned: “If the SEC classifies ETH as a security, they should at least make it clear that you are not just investing in a currency, but you are investing in a centralized currency.” CCP controlled assets. “
According to a recent report by Bitcoinist, Nerayoff believes that the Chinese Communist Party is deeply involved in Ethereum. According to on-chain research by TruthLabs (@BoringSleuth), he claims that the Chinese Communist Party controls approximately 66.6% of the ETH supply. If confirmed, this claim could significantly challenge Ethereum’s perception of decentralization and security.
Notably, the focus of these accusations is Wanxiang, a Chinese-American company that provides funding for Prometheum Inc. Prometheum Inc has been in the spotlight recently for receiving approval from the SEC and FINRA to become the only U.S.-registered crypto securities platform.
The uniqueness of the approval drew close attention from Republican lawmakers, led by Patrick McHenry, who questioned the SEC’s transparency and the legitimacy of Prometheum’s meteoric rise without offering any deal.
fight for truth
As the demand for investigations into the connections between Ethereum, the Chinese Communist Party, and SEC practices continues to grow, on-chain researchers TruthLabs (@BoringSleuth) are at the forefront of exposing these connections point out: “Stand behind me. Everybody. Last time I did this, they wanted me dead. We need you.”
Nelayov stood by him: “I support you in dropping more bombs and lawsuits. They never imagined the amount of receipts I saved. Cryptocurrency will be an equalizer for all of us against the establishment. It is blocked by this conspiracy Syndicates and corrupt government agencies have hijacked it. It’s time we take it back.”
As of press time, ETH is trading at $2,645.
Featured image from YouTube, chart from TradingView.com