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🚨 Ethereum rises 3% as SEC drops ETH investigation and does not charge it!

Ethereum got a celebratory boost in an otherwise depressed market after the SEC announced yesterday that it had closed its “Ethereum 2.0” investigation, according to Consensys.

In April, Consensys sued the SEC. In its 34-page complaint, the company said the SEC had been seeking to “regulate ETH as a security, despite the fact that ETH does not possess any security attributes and despite the SEC’s previous announcement to the world that ETH is not a security and is not within the SEC’s statutory jurisdiction.”

Spot trading volume has reached $21 billion in the past 24 hours. The only time ETH trading volume was higher in the past month was on May 24, the day after the SEC approved trading in an Ethereum ETF.

ETH isn’t the only one to see gains.

Many tokens closely associated with Ethereum, such as the governance token of liquid rehypothecation protocol Lido DAO (LDO), decentralized domain name service Ethereum Name Service (ENS), and the fourth largest Ethereum DeFi protocol Maker (MKR), have all seen double-digit gains over the past day.

For years, the SEC has used the so-called Howey test to determine whether an asset meets the definition of a security and therefore needs to be registered with the SEC. But this has drawn strong opposition from SEC Commissioner Hester Peirce, law professors, and lawmakers — all of whom believe it is an outdated test that is not suitable for application to cryptocurrencies.

Things became even more daunting when SEC Chairman Gary Gensler himself explicitly stated that proof-of-stake assets could qualify as securities under the Howey test after the Ethereum merger.

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This is why the subject of the SEC’s investigation is being called “Ethereum 2.0.” Ethereum became a proof-of-stake network after the merger in September 2022, transitioning from a proof-of-work consensus mechanism like Bitcoin.