Category: NFT News

Ethereum Foundation Receives Enquiry From Unidentified Government Entity

A state authority has issued a “voluntary enquiry” to the Switzerland-based organization that oversees Ethereum’s development.

Ethereum seems to have entered the “then they fight you” phase.

Come to my page!

The Ethereum Foundation is under investigation by an unidentified government agency. The news was first reported by Coindesk.

A Github commit dated Feb. 26 removed a Warrant Canary — used by organizations typically wary of government surveillance to assure users there have been no secret legal requests — along with a note that read, “We have received a voluntary enquiry from a state authority that included a requirement for confidentiality.”

Screenshot of the deleted Warrant Canary

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Legal issues aside, it has been a volatile day for Ether.

After dropping to an intraday low of $3,070, it has since rebounded, changing hands for $3,250. This is in line, however, with the broader correction across crypto markets after Bitcoin soared to an all-time high of $73,000 last week.

ETH Price chart
ETH Price

The subpoena could have serious implications for the entire crypto industry, given Ethereum’s dominance in the DeFi ecosystem. It also puts a dent in the Ethereum ETF application process, just as Fidelity adds staking to their latest filing, and BlackRock tokenizes a fund on the Ethereum blockchain.

While some call the developing situation a “nightmare scenario,” others are calling for calm.

Hailey Lennon, partner at Brown Rudnick LLP and legal analyst at Forbes, posted on Twitter, “The Ethereum Foundation posted saying it received a “voluntary” inquiry. That does not necessarily mean it is the subject of an investigation.”

Notwithstanding the removal of the Warrant Canary on its Github, the Ethereum Foundation has not issued any additional public statements.

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