$BTC $ETH SEC concludes investigation into Ethereum securities sales allegations, Ethereum and blockchain innovation may be at a critical moment!
ETH
$3,553.5
+0.61%
The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Ethereum, a decision that is a huge win for Ethereum and its developer community. Consensys, a developer and technology provider for Ethereum, welcomed the SECâs decision, believing it marks a pivotal moment for Ethereum and blockchain innovation.
The SECâs investigation began with a review of Ethereum 2.0, specifically surrounding the question of whether ETH sales constituted securities transactions.
On June 7, ConsenSys sent a letter to the SEC seeking clarification on the basis of the ETH ETFs approved in May, which were based on the premise that ETH was classified as a commodity. The SEC ultimately decided to close its investigation and determined that the sales of ETH were not securities transactions.
Market reaction after the decision
Following the announcement of the SECâs decision, Ethereum prices rose by more than 4% overnight, which had a positive impact on the entire cryptocurrency market. However, Bitcoin did not follow this trend and fell by 0.74%. $ETH
ETH
3,553.51
+0.61%
Consensys believes that the SEC's decision is not only a victory for Ethereum, but also a victory for blockchain innovation as a whole. Despite this, Consensys is still fighting the SEC legally to ensure further clarity of regulations. Consensys believes that the SEC's enforcement actions against blockchain developers and technology providers are too aggressive and may be illegal. The company's lawsuit also seeks a declaration that providing user interface software such as MetaMask Swaps and Staking does not violate securities laws.
Consensys stressed that despite the positive results, the broader regulatory environment still needs significant reform.#BNBHODLer #AirdropGuide #FIT21 #ETHETFsApproved #BTCFOMCWatch
