Steven Nerayoff, a former advisor of Ethereum and a prominent figure in the blockchain and cryptocurrency patent space, has voiced significant concerns regarding Ethereum’s recent probe by the U.S. Securities and Exchange Commission.
Let’s take a look at his commentary on Ethereum’s journey, the SEC’s investigation, and the implications on the broader cryptocurrency market.
The approval of Ethereum ETFs is potentially under higher scrutiny as the Securities and Exchange Commission has sent subpoenas to many firms and exchanges dealing with Ethereum and its potential ETFs.
In a recent post, Steven Nerayoff has unveiled his perspective on Ethereum’s trajectory and the SEC’s investigation.
Nerayo,ff who has had beef with Ethereum’s CEO and Vitalik and called them out as fraudsters multiple times, has expressed profound disappointment with Ethereum’s evolution.
He says, “First, if my invention was followed, we wouldn’t have issues today; Ethereum would still be the base of crypto.”
Nerayoff emphasized that “The problems with Ethereum, the announcement of the SEC investigation, and the ETHGate movement are all due to the founders’ greed and willingness to allow our revolutionary project to become nothing more than a deceptive database controlled by a few to manipulate many.”
Nerayoff further criticized the growth of Ethereum by citing the proliferation of fraudulent Initial Coin Offerings (ICOs) and the subsequent loss of trust and faith as consequences of the present ETH leaders deviating from his initial vision for Ethereum.
Also Check Out The: Ripple vs SEC: New Timeline Set for Confidential Filings
Nerayoff has repeatedly attacked Vitalik Buterin for not abiding by the principles of transparency and accountability. He calls for urgent action to rectify the situation.
While some have compared him to the ‘Craig Wright of Ethereum,’ in a stern comment, Nerayoff responded, “Don’t compare me to frauds Vitalik or Craig.”
Nerayoff says that “Utility Token, ICO & more were vital to the explosion of Ethereum & the entire non-BTC sector.”
Nerayoff’s commentary has added more speculations to the ongoing probe of Ethereum amidst its impending ETF decisions by the SEC. While he almost paints himself as the angel of goodwill, Nerayoff’s insights highlight the need for greater accountability and transparency within the cryptocurrency industry.
Also Read: Montenegro’s Supreme State Prosecutor Challenges Do Kwon’s Extradition
Read More: Ethereum Under Fire: Steven Nerayoff’s Explosive Revelation