Here’s what happened in crypto today

Today in crypto, Coinbase has become the largest node operator on the Ethereum network. Solana Labs founder says he is “ashamed” of downplaying a controversial advertisement on Solana that mocked gender identity. Meanwhile, crypto lawyer John Deaton says the SEC’s allegation that XRP (XRP) is a security is now dead in its tracks.

Coinbase becomes Ethereum’s largest node operator with 11% stake

Crypto exchange Coinbase is the largest node operator on the Ethereum network, controlling 11.42% of the total staked Ether, according to the company’s latest performance report.

Coinbase said it had 3.84 million Ether (ETH), worth about $6.8 billion, staked to its validators. The exchange said that, as of March 3, it has 11.42% of the total staked ETH.

Coinbase also shared that it exceeded its target for validator uptime, which indicates the percentage of time when validators are operational.

Solana CEO breaks silence over controversial ad backlash

Solana Labs CEO Anatoly Yakovenko has broken his silence over the “America Is Back — Time to Accelerate” advertisement, which blended American patriotism and tech innovation with political messaging around gender identity.

“The ad was bad, and it’s still gnawing at my soul,” Yakovenko said in a March 19 X post after receiving immense backlash over the controversial ad. 

“I am ashamed I downplayed it instead of just calling it what it is – mean and punching down on a marginalized group.”

Yakovenko praised those in the Solana ecosystem who called out the “mess” that was posted on Solana’s X account, which accumulated around 1.2 million views and 1,300 comments before it was deleted roughly nine hours later.

Yakovenko said he will use the learning experience to ensure Solana stays focused on open-source software development and decentralization while staying “out of cultural wars.”

SEC’s failed case against Ripple is proof XRP is not a security — John Deaton

Crypto lawyer and former Massachusetts Senate candidate John Deaton said the SEC’s failed lawsuit against Ripple is the final death knell in its claim that the XRP token is a security.

In an interview with Cointelegraph, Deaton said the XRP token is a digital commodity, not a security. After the SEC decided to drop its case against Ripple, the blockchain company will have the opportunity to renegotiate the $125-million judgment against it, said Deaton. 

“Everything’s turned,” since the election of Donald Trump, said Deaton. “The election’s turned, the industry turned, the SEC [has] completely done a 180 as it relates to the industry. Why should we pay $125 million?”

Earlier in the day, Ripple CEO Brad Garlinghouse called the regulator’s XRP reversal a “victory for the industry and the beginning of a new chapter.”