ETHUSD: Small movement with potential breakout!

The world's second most valuable cryptocurrency has been boosted by a major ruling by the Securities and Exchange Commission (SEC), which declared that ethereum is not a security. The announcement by SEC director of corporate finance, William Hinman, caused the price of ethereum to rise by 10 per cent, bucking a recent downward trend of other major cryptocurrencies like bitcoin. Mr Hinman described ethereum as "sufficiently decentralised," meaning no central authority could manipulate in an unfair way to gain a financial advantage.

“As a network becomes truly decentralized, the ability to identify an issuer or promoter to make the requisite disclosures becomes difficult, and less meaningful,” Mr Hinman said at the Yahoo Finance All Market Summit: Crypto. “As with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value. ”