- Steven Nerayoff accuses Gary Gensler of undisclosed involvement with Ethereum, fueling concerns about CCP influence on ETH.
- Research suggests CCP controls much of the ETH supply, raising questions about decentralization and security.
Steven Nerayoff, a former Ethereum advisor, has leveled serious accusations against Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), accusing him of having an undisclosed stake with ETH, amid anticipation for the launch of an Ethereum exchange-traded fund (ETF).
Nerayoff’s statements have reignited concerns surrounding “ETH Gate,” suggesting that Gensler’s actions reflect a deeper commitment to Ethereum than publicly admitted.
With growing speculation around an Ethereum ETF, it's evident that the SEC, led by Gary Gensler, is more involved in ETH than it appears. Gensler's indirect approval for @PrometheumInc to designate ETH as a security effectively endorses an ETF covertly.
This decision shows that… pic.twitter.com/i0TVEdLDfq
— Steven Nerayoff (@StevenNerayoff) February 12, 2024
The alleged connection between Ethereum, Gensler and the Chinese Communist Party (CCP)
Nerayoff claims that, with speculation mounting about an Ethereum ETF, it is clear that the SEC, under Gensler, is more involved in ETH than it appears. He specifically accuses it of giving an “indirect approval for Prometheum Inc to classify ETH as a security, covertly backing an ETF.”
These accusations are intertwined with hints of CCP influence, suggesting a complex set of interests affecting Ethereum’s regulatory path.
Nerayoff concludes that Gensler’s decisions are significantly influenced by CCP, raising questions about the consequences of alternative actions. He highlights the personal risks for Gensler and Ethereum’s founders, hinting that the risks go beyond regulatory consequences.
In the face of community speculation about CCP’s investment in Ethereum, Nerayoff comments:
“Exactly! It’s been a long time coming; they won’t let all their efforts be in vain.”
This dialogue raises alarms about the centralization of Ethereum and possible CCP control, with Nerayoff warning that if the SEC classifies ETH as a security, it should be made clear that it is invested not just in a currency, but in a centralized asset under CCP control.
According to on-chain research by TruthLabs, Nerayoff claims that CCP controls approximately 66.6% of the ETH supply. If verified, such a claim would challenge perceptions of Ethereum’s decentralization and security.
The allegations center on Chinese-American firm Wanxiang (which funds Prometheum Inc), recently disputed for receiving SEC and FINRA approval as the only U.S.-registered crypto securities platform, which has generated scrutiny.
With growing demand for an investigation into Ethereum, its connections to CCP and SEC practices, TruthLabs is leading the way in exposing these connections, as Nerayoff promises further revelations and legal action, highlighting that the cryptocurrency was supposed to be an equalizer against the establishment but was co-opted by this “cartel” and corrupt government agencies, emphasizing the need to take it back.
