Ethereum has achieved a “major win” as the SEC closes its investigation into Ethereum 2.0, confirming that sales of ETH are not considered securities transactions.
Ethereum, the second-largest crypto by market capitalization, has scored a significant victory as the Enforcement Division of the U.S. Securities and Exchange Commission (SEC) announced the closure of its investigation into Ethereum 2.0, blockchain firm Consensys said in an X post.
ETHEREUM SURVIVES THE SEC.Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0. This means that the SEC…
— Consensys (@Consensys) June 19, 2024
The SEC’s decision means that the agency “will not bring charges alleging that sales of ETH are securities transactions,” Consensys explains.
“The closing of the Ethereum investigation is momentous, but it’s not a cure-all for the many blockchain developers, technology providers, and industry participants who have suffered under SEC’s unlawful and aggressive crypto enforcement regime.”
Consensys
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The latest development comes after a Jun. 7 letter to the SEC from Consensys, which requested confirmation that the recent approval of spot Ethereum exchange-traded funds (ETFs), assuming ETH to be a commodity, would result in the closure of the Ethereum 2.0 investigation.
Despite the positive outcome, the battle for regulatory clarity between Consensys and the SEC continues as the blockchain firm is seeking a declaration that offering user interface software such as MetaMask Swaps and Staking doesn’t violate securities laws.
The closure of the investigation marks a significant step forward for Ethereum and the whole industry, which has been grappling with regulatory uncertainties and enforcement actions lately. Following the news, ETH price soared 3% and is now trading at $3,555, according to data from CoinMarketCap.
Read more: Gary Gensler: Ethereum ETFs likely approved by end of summer
