ConsenSys announced on Wednesday that the US Securities and Exchange Commission (SEC) has closed its investigation into Ethereum (ETH), the second largest cryptocurrency by market capitalization, without classifying it as a security.
ConsenSys said in a tweet:
The SEC has informed us that it has closed its investigations related to Ethereum 2.0.
This decision means that the authority will not bring charges alleging that Ethereum sales constitute securities transactions.
The announcement came after ConsenSys, an American blockchain technology company, sent a letter to the regulator on June 7, requesting confirmation that approvals of an Ethereum exchange-traded fund (ETH ETF) in May, which were based on Ethereum's classification as a commodity, It will lead to the closure of the authority’s investigations into Ethereum 2.0.
The status of cryptocurrencies has long been unclear in the United States, without clear regulation.
While Bitcoin has been classified as a commodity, Ethereum's status has remained uncertain given the growing interest from the SEC in various offerings for Ethereum.
At the beginning of this year, ConsenSys, the company behind the popular MetaMask wallet, filed a lawsuit with the Securities and Exchange Commission.
The lawsuit aimed to prevent the authority from imposing its supervision on the Ethereum blockchain network.
ConsenSys argued in the lawsuit that the authority's continued exercise of authority over Ethereum could lead to the shutdown of the blockchain network, disrupting one of the Internet's biggest innovations.
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