The SEC’s investigation into Ethereum 2.0 has concluded, marking a significant victory for the blockchain industry.
Consensys initiated the decision by sending a letter that connected the closure of the investigation to the approval of spot Ether ETFs.
On June 19, the organization disclosed the information through an X post, emphasizing the implications for Ethereum developers and industry professionals.
Consensys announced that the Enforcement Division of the Securities and Exchange Commission (“SEC”) has concluded its investigation into Ethereum 2.0. “Consequently, the SEC will refrain from filing accusations that assert that the sale of ETH constitutes a securities transaction.” According to the business, this result is a “huge victory” for Ethereum and all of its stakeholders.
Consensys explained that the SEC’s decision was a result of a letter the company sent on June 7. In May, the SEC approved spot Ether exchange-traded funds (ETFs) on the basis that ETH tokens are commodities. The letter requested confirmation that this approval would result in the conclusion of the investigation. Although the SEC’s decision to terminate the investigation was not decisive, the approval of these ETFs was a significant factor.
Consensys acknowledged that the pursuance of precise regulatory guidelines continues, particularly in relation to services such as MetaMask Swaps and Staking, despite this positive development. The organization continues to pursue additional clarification from the Securities and Exchange Commission regarding cryptocurrency regulations.
Ethereum and its community have achieved a substantial milestone with the SEC’s decision. The SEC’s conclusion of its Ethereum investigation indicates that the agency does not consider Ethereum sales to be securities transactions, which will provide developers and industry participants with a sense of security and assurance. The anticipated outcome is the sustained expansion and development of Ethereum 2.0.
Fortune reported in March that the SEC issued subpoenas to numerous companies earlier this year in an effort to classify ETH as a security. Consensys filed a lawsuit against the Securities and Exchange Commission (SEC) in April, saying that the agency was attempting to assume control over the future of cryptocurrency.
Also Read: Terraform Labs to cease operations following $4.47 billion penalty
Wallets