Ethereum secures ‘major win’ as SEC drops investigation

Ethereum scores a “big win” as the SEC completes its investigation into Ethereum 2.0, confirming that ETH sales are not considered securities transactions.

Blockchain firm Consensys said in an

ETHEREUM SURVIVES SEC.

Today, we are pleased to announce a major win for Ethereum developers, technology providers, and industry participants: The SEC’s Enforcement Division notifies us that it has closed its investigation into Ethereum 2.0.

This means that the SEC…

— Consensys (@Consensys) June 19, 2024

Consensys explained that the SEC’s decision means the agency “will not pursue charges alleging that ETH sales were securities transactions.”

“Closing the Ethereum investigation is crucial, but it is not a panacea for the many blockchain developers, technology providers, and industry participants harmed by the SEC’s illegal and aggressive crypto enforcement regime.”

consensus

The latest development follows Consensys’ June 7 letter to the SEC requesting confirmation that the imminent approval of spot Ethereum exchange-traded funds (ETFs), assuming ETH is a commodity, will result in the closure of Ethereum 2.0. investigation.

Despite the positive outcome, the battle for regulatory clarity between Consensys and the SEC continues; The blockchain firm is seeking a declaration that offering user interface software such as MetaMask Swaps and Staking does not violate securities laws.

The closure of the investigation marks a significant step forward for Ethereum and the entire industry, which has recently been plagued by regulatory uncertainty and enforcement actions. Following the news, ETH price increased by 3% and is currently trading at $3,555, according to data from CoinMarketCap.