ETH price drops 6% as Ethernet Foundation investigated

Ether (ETH ) fell as much as 6% on Wednesday as hopes of regulatory approval for U.S. spot exchange-traded funds (ETFs) waned, with the second-largest crypto-asset by market capitalization dropping to $3,200. Bitcoin (BTC) fell to about $62,000 after previously approaching $64,000. the CoinDesk 20 Index (CD20) fell 3 percent. Ether's decline intensified after CoinDesk reported that the ethereum foundation was being investigated by a "state agency". Later, Fortune reported that the U.S. Securities and Exchange Commission (SEC) is working to classify the Ether blockchain's native tokens as securities and has begun an investigation after Ether shifted to a proof-of-equity network.