Are Solana, Cardano, and Polygon Commodities as US SEC Concludes Ethereum Investigation?

The United States Securities and Exchange Commission (SEC) has permanently closed its Ethereum investigation, which triggered a rally in ETH and altcoins. While the SEC’s move has sparked skepticism, especially in the XRP community, Ether gaining commodity status means everything betting test (PoS) are cryptocurrencies like Solana, Cardano and Polygon commodities?

Are Solana, Cardano, Polygon and other PoS cryptocurrencies commodities?

The conclusion of the SEC’s Ethereum investigation has sparked speculation that Solana, Cardano, Polygon and other proof of stake (PoS) could also be commodities. Furthermore, Ether has leapfrogged Bitcoin and XRP in terms of regulatory clarity.

Popular XRP investigator Huber asked former SEC securities lawyer Marc Fagel whether the SEC now treating Ethereum as a commodity means anything for the proof of cryptocurrency projects. The SEC’s latest move brings major PoS cryptocurrencies such as Solana, Cardano and Polygon into the spotlight. The SEC said Solana, Cardano and Polygon are proprietary stocks BinanceCoinbase and other lawsuits.

Alexander Grieve, head of government affairs at Paradigm, said it is relatively unusual for the SEC to highlight a company in response to the closure of an investigation. The SEC “has no obligation to do so.” Also, Ethereum Foundation was part of the investigation, but did not receive any letter.

Marc Fagel agrees that it is very unusual to send a closure letter to one party if there is something pending against another party in an investigation.

Read also: XRP, Cardano and 7 other communities need to keep an eye on this key move by Binance

Will Consensys drop its SEC lawsuit?

Consensys revealed that the SEC Enforcement Division has closed its investigation Ethereum 2.0according to a letter sent by SEC Deputy Director Kristin M. Pauley on June 18. The company said this is a major win for Ethereum developers, technology providers and industry players.

The move comes in response to a letter sent by Consensys seeking confirmation from the SEC. May’s ETH ETF approvals by the SEC were largely a result of ETH’s status as a commodity.

Consensys said it will continue to challenge the SEC in the lawsuit. The company is seeking an SEC declaration that offering MetaMask Swaps and Staking UI software does not violate securities laws.

Read also: The Sandbox expands the Memecoin chest with the purchase of DOGE, PEPE and SHIB

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