Solana founder joins forces with Ethereum to fight SEC's security classification

The Solana community, led by co-founder Anatoly Yakovenko, has supported Ethereum and protested against the U.S. Securities and Exchange Commission (SEC) against its move to classify Ether (ETH) as a security.

Solana Against the SEC

Solana co-founder Anatoly Yakovenko opposes the U.S. Securities and Exchange Commission’s (SEC) undisclosed actions against Ethereum. According to The Crypto Basic, the SEC is launching a campaign that may classify ETH as a security.

The SEC is demanding financial records and other documents from U.S. companies that have done business with the Ethereum Foundation, according to people familiar with the matter.

It is worth noting that as of press time, the regulator has not yet made an official comment on the matter. However, the disclosure sparked mixed reactions from some prominent figures in the crypto community, including Solana’s Yakovenko.

Yakovenko opposed the classification of ETH as a security, saying: “If the state is against Ethereum, then I am against the state.”

Solana could be next

Additionally, some community members pointed out that although Ethereum is a competitor to Solana, it is correct to support Ethereum in fighting unfavorable classification both domestically and internationally. They believe that, beyond competition within the industry, it is more important to protect the field from harmful categorization.

For example, another commenter said: “Ethereum maximalists may be idiots, but they’re our idiots,” a sentiment that echoes the competition between members of various crypto communities.

Additionally, some believe that if the SEC’s action against Ethereum is successful, Solana could be next in the regulator’s crosshairs.

It is worth mentioning that the SEC has classified Solana as a security. The classification occurred during a lawsuit against the Binance exchange last June.

However, unlike its previous treatment of XRP, the SEC has not yet filed a formal complaint against other tokens that have been classified as securities along with Solana.

Reactions from American politicians

However, the SEC’s move to classify ETH as a security has come as a surprise to many, given the regulator’s history with Ethereum’s founder. U.S. Congressman Patrick McHenry noted that the move contradicts the Commodity Futures Trading Commission’s (CFTC) assessment and previous actions by the SEC.

Meanwhile, some ethereum critics, such as attorney Steven Nerayoff, who is well-known in the XRP community for his contributions to ETHGate, believe the SEC’s action is justified. He stated: “The inside truth about Ethereum and the SEC is dark. It’s time to uncover the widespread corruption that closely ties Ethereum to our government.”

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