The price of Ethereum has risen today as traders focus on its exclusion from the SEC’s case against Coinbase and Binance.
On June 6, Ethereum’s native token, Ether, climbed approximately 2.25% to around $1,825, up from its low of $1,775 on June 5.
The rebound coincided with a similar shift elsewhere in the cryptocurrency market. Surprisingly, the action came on the heels of the Securities and Exchange Commission’s decision not to classify Ethereum as a “security” in its cases against Binance.and coinbase
For the time being, the SEC is staying away from Ethereum.
SEC Chairman Gary Gensler stated in September 2022 that proof-of-stake tokens such as Ether are securities under the “Howey Test.” However, he differs with his predecessor, William Hinman, who stated in a 2018 speech that Ether is not a security.
In addition, in April 2023, Gensler avoided questioning about Ethereum’s status before the United States House Financial Services Committee.
And now, the SEC’s removal of Ether from its list of crypto assets it considers secure — which also includes the Binance-branded stablecoin BUSD and PoS currencies SOL and ADA — has increased its competitive edge in the layer-one blockchain market.
This is evident in Ethereum’s (ETH.D) performance after the SEC lawsuit, which soared to 20.7% on June 6, the highest in nine months.
Bitcoin’s market share (BTC.D) has, on the other hand, fallen to 47.23%, the lowest since April 2023.