The SEC’s decision marks a turning point for Ethereum, confirming its commodity status.

According to a recent announcement from Consensys, the U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Ethereum 2.0 and will no longer pursue legal action claiming that ETH sales were securities transactions.

Consensys said this is a major win for Ethereum developers and businesses. It removes uncertainty that could hinder Ethereum's development.

As mentioned above, the SEC’s decision came after ConsenSys sent a letter to the SEC stating that the recently approved Ethereum spot ETF suggests that ETH is not a security and that the SEC should close its investigation. The SEC’s decision may hinge on considering ETH a commodity, just like BTC, and indicating that no legal challenges will arise in this regard.

Despite these developments, Consensys said the quest for clear regulatory guidelines continues, especially for services like MetaMask Swaps and Staking. The team is still seeking broader clarification on cryptocurrency regulation from the SEC.

Ethereum Spot ETF to Start Trading on July 2

Balchunas revealed that the SEC has sent brief comments on S-1 filings to ETF issuers, asking them to respond within a week. This development suggests that the SEC is likely to declare the ETFs effective next week, allowing them to begin trading before the holiday weekend.