Steven Nerayoff, a former Ethereum advisor and a notable figure in the blockchain and crypto patent sector, has revealed significant apprehensions towards Ethereum’s recent scrutiny by the U.S. Securities and Exchange Commission. 

The approval process for the spot Ethereum ETFs is facing increased scrutiny as the SEC has issued subpoenas to numerous firms and exchanges involved in Ethereum and its potential ETFs. 

Nerayoff, who has previously criticized Ethereum’s CEO Vitalik and accused them of fraudulent behavior on multiple occasions, has voiced deep disappointment with Ethereum’s development trajectory. In a recent X post, Nerayoff revealed his vision of Ethereum’s trajectory and the SEC’s investigation. 

He says, “First, if my invention was followed, we wouldn’t have issues today; Ethereum would still be the base of crypto.”

Nerayoff also highlighted that “The problems with Ethereum, the announcement of the SEC investigation, and the ETHGate movement are all due to the founders’ greed and willingness to allow our revolutionary project to become nothing more than a deceptive database controlled by a few to manipulate many.”

Furthermore, he also criticized Ethereum’s growth, pointing to the rise in fraudulent Initial Coin Offerings (ICOs) and the subsequent loss of confidence as outcomes of the current Ethereum leadership team deviating from his original vision for the platform. 

Nerayoff continues to criticize Vitalik Buterin for what he perceives as a lack of adherence to principles of transparency and accountability and calls for urgent action to rectify the situation. 

Despite being compared to Craig Wright, Nerayoff strongly rejects such association, asserting his integrity. 

Nerayoff’s commentary has intensified speculations surrounding Ethereum’s ongoing SEC probe and impending ETF approval. Nevertheless, his remarks underscore the need for greater accountability and transparency within the cryptocurrency industry.