💎ى

🚨🚨🚨 ETHEREUM FOUNDATION SUBPOENAED FOR THE FIRST TIME IN ITS HISTORY; ETF REJECTION INEVITABLE? NFA; read below for my analysis and opinion The Facts - The foundation has removed the Warrant Canary from its website, indicating in a Github repository that they have been subpoenaed by a state authority - Worth emphasizing this is the first time in the foundation's history that they've been subpoenaed by a Gov entity; this is highly consequential - Likely includes a gag order ("a requirement for confidentiality"), hence the lack of communication - The foundation is complying and handing over private data - ETH ETFs have been delayed; SEC lack of contact with fund issuers suggests a rejection, potentially related to this investigation (x.com/laurashin/stat…) - Noticeable ETH weakness over last couple of weeks, potentially due to insiders Analysis - What is truly private that it requires a subpoena and is not publicly available? Most likely ICO addresses, participants, etc. - Authorities that typically send out gag orders include the SEC/FBI/IRS. Why is it necessary here? - My *personal opinion* is that the SEC is looking for reasons to reject, hence the lack of contact and ETF delays. Perhaps they've managed to find evidence from the ICO days to cast doubt on ETH's decentralization (perhaps a few entities own the majority of the token?) - Protos has reported the idea before that Chinese entities could own the majority of ETH, see: protos.com/do-chinese-inv… and protos.com/uncovering-eth… - Another possibility is a fraud/tax investigation, but hard to tell without commentary from the Foundation Implications - One thing's for certain: the foundation is handing your private/sensitive data to authorities, and imo this sets a bad precedent, especially without any disclosure whatsoever - Without any more info from the Foundation or any state authorities, traders will probably assume the worst and derisk ETH, continuing the weakness we've been seeing for weeks and potentially rotating into BTC or SOL Source: github.com/ethereum/ether…