Ethereum Celebrates Victory Over SEC Investigation
In a significant win for Ethereum, the US Securities and Exchange Commission (SEC) has closed its investigation into Ethereum 2.0 without taking any further legal action. Consensys, a key player in the Ethereum ecosystem, announced on June 18 that the SEC had notified them of the investigation’s closure.
The decision by the SEC not to pursue charges related to ETH sales as securities transactions comes after Consensys sent a letter to the SEC on June 7 requesting confirmation of spot Ethereum exchange-traded funds (ETFs) approvals. The SEC had previously approved Forms 19b-4 for eight securities issuers on May 23.
Consensys argued that the approval of spot Ethereum ETFs, based on the premise that ETH is a commodity, should lead to the closure of the investigation into Ethereum 2.0. While this decision marks a significant milestone for Ethereum, Consensys emphasized that it does not completely alleviate the challenges faced by developers, technology providers, and industry participants under the SEC’s strict crypto enforcement regime.
Despite this victory, Ethereum’s price was still volatile, standing at US$3,542.78 at the time of publication, reflecting a 4.4% increase in the last 24 hours. It is important to note that investing or trading in cryptocurrencies carries inherent financial risks, and the opinions expressed in this article are for informational purposes only.
In a related development, SEC Chair Gary Gensler hinted at a potential approval of an Ethereum ETF in the summer of 2024, sparking further excitement in the market. An analyst even predicted that Ethereum could potentially reach $10,000, representing a significant increase of up to 470%.