Ethereum (ETH) jumped back above $3,500 after Consensys reported that the SEC had halted its investigation into Ethereum.
“The SEC’s Enforcement Division has informed us that it is discontinuing its investigation into Ethereum 2.0,” Consensys wrote in its post. Within 20 minutes, Ethereum jumped about 1.4% to $3,541 — breaching the critical barrier ($3,500), according to CoinMarketCap data. At press time, Ethereum is trading at $3,566.
The $3,500 barrier was crucial for traders, as Ethereum repeatedly moved above and below the mentioned price. For the past 30 days, this barrier has been the main support level for the currency.
The slight jump in price following the Consensys post shows increased investor confidence, which may ease recent concerns about potential securities law violations.
“This means the SEC will not file any charges alleging that Ethereum sales are securities transactions,” Consennis commented, prompting a series of crypto watchers to celebrate the news, as Delphi co-founder Tom Shaughnessy wrote. Ventures: “It's a big win for Ethereum.”
For his part, Christopher Perkins, President of CoinFund, added: “The adoption of this new regulation marks a new era for the Ethereum ecosystem.”
Ethereum whales also expressed confidence following the announcement, according to blockchain analysis firm Lookonchain, which reported one trader purchasing 5,603 Ethereum, worth approximately $19.6 million.
This news comes just over a month after the US Securities and Exchange Commission (SEC) approved Ethereum exchange-traded funds (ETFs) in the US.
It should be noted that there is growing confidence in the community that the final pre-trading stage — approval of the applicant's Form S-1 registration statements — is approaching, with SEC Chairman Gary Gensler expecting the agency to approve the filings "sometime this summer." .
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