SEC Closes Ethereum 2.0 Investigation: Consensys Declares Victory

The US Securities and Exchange Commission (SEC) has decided to end the investigation into Ethereum 2.0.

This important step comes after the SEC allowed the sale of spot Ethereum Exchange-Traded Funds (ETFs).

While the statement from Consensys welcomed this decision, it emphasized that there is still a need for regulatory clarity in the crypto space.

SEC Withdraws Ethereum 2.0 Investigation: Regulatory Clarity Still Needed

SEC's Decision to Halt Ethereum 2.0 Investigation

The US Securities and Exchange Commission (SEC) unexpectedly halted research into Ethereum 2.0. This decision was a matter of both relief and debate in the cryptocurrency community. The SEC, which approved spot Ethereum Exchange-Traded Funds (ETFs) last month, said it will not take legal action against blockchain development company Consensys. This decision follows the Wells Notice sent to Consensys in April, stating that there were potential legal issues due to MetaMask wallets offering their own custody service for ETH.

Consensys' Legal Struggle with the SEC

In response to the SEC's previous Wells Notice, Consensys filed a lawsuit to halt its investigation of Ethereum. The company argued that Ethereum should be classified as a commodity, not a security, and therefore does not fall under the jurisdiction of the SEC. The SEC's latest decision supports this perspective and signals a potential shift in how cryptocurrencies are regulated.

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