Ethereum recently received good news as the SEC decided to close its investigation into Ethereum 2.0, stating that sales of ETH are not considered securities transactions. This decision was welcomed by Consensys, a blockchain firm, as a significant victory for Ethereum developers and industry participants.
Consensys had reached out to the SEC on Jun. 7, requesting confirmation that the approval of spot Ethereum exchange-traded funds (ETFs) would lead to the closure of the investigation into Ethereum 2.0. The SEC’s announcement brings some much-needed regulatory clarity to the industry, which has been facing uncertainty and enforcement actions.
Despite this positive development, Consensys is still engaged in a battle with the SEC regarding the legality of offering user interface software like MetaMask Swaps and Staking. The firm is seeking a declaration that such services do not violate securities laws, indicating that the regulatory challenges are far from over.
The closure of the investigation is a step in the right direction for Ethereum and the entire blockchain industry. Following the news, the price of ETH experienced a 3% increase and is currently trading at $3,555 according to CoinMarketCap. This positive movement in price reflects the market’s optimism about Ethereum’s future now that the SEC investigation has been resolved.
Moving forward, Ethereum developers, technology providers, and industry participants can breathe a sigh of relief knowing that the SEC will not be pursuing charges related to ETH sales as securities transactions. This decision paves the way for further innovation and growth within the Ethereum ecosystem, signaling a new era of possibilities for the second-largest cryptocurrency by market capitalization.