Turns out that news of SEC ruling on Ethereum on May 7 was incorrect and they were simply rumors spread by some unscrupulous news articles. This news was reported on first by none other than WSJ. Now if WSJ starts spreading FUD, theres nowhere to go. This is one place which has been the go to place for Stock market related news for many decades now.
It is simply unacceptable on the part of a prestigious publication to fan inane rumors like this one. What actually happened behind close doors was a FDIC discussion on cryptocurrencies and apparently, they weren't going to decide on anything either. It has become extremely difficult to trust crypto news articles. Everything from now on has to be taken with a pinch of salt!