The blockchain community received a significant boost today when leading Ethereum development company ConsenSys disclosed an important Ethereum milestone.
The US Securities and Exchange Commission (SEC) has informed ConsenSys that it is completing its investigation of Ethereum 2.0. With this decision, the ongoing debate on cryptocurrency regulation and securities laws has taken a significant turn.
Ethereum escapes the SEC.
We are pleased to report today a significant win for Ethereum developers, technology suppliers, and industry players: the SEC’s Enforcement Division has informed us that it is ending its investigation into Ethereum 2.0.
This means that the SEC…
Consensys (@Consensys) June 19, 2024
The SEC ends the Ethereum 2.0 inquiry
According to ConsenSys, the SEC’s enforcement division has decided not to file charges despite claims that the purchase of Ether was part of a securities transaction.
This result comes after ConsenSys asked the SEC on June 7 to confirm that the May approvals of ETH Exchange-Traded Funds (ETFs) marked the end of the Ethereum 2.0 investigation because ETH is a commodity.
The announcement was met with applause from blockchain expert Collin Brown and many other cryptocurrency fans. ‘Ripple (XRP) will follow, knowing they’re on the right side of history,’ Brown predicted. The crypto community, which has long been monitored by the SEC’s tough enforcement system, agrees in large part.
#Ethereum 2.0 gets the green light! SEC closes examination, affirming ETH is not a security. Enormous win for designers and the crypto community! 😎
#Ripple (#XRP) will take after, knowing they are on the right side of history!
Collin Brown (@CollinBrownXRP) June 19, 2024
ConsenSys stressed that, despite the SEC’s decision, the fight is not over yet. The company continues to file suit to order the staking and MetaMask Swaps user interface software not to violate securities regulations.
ConsenSys stated that gaining the legislative certainty needed for the blockchain sector to thrive—which is critical for many new technologies and innovations—should not necessitate a lawsuit.
Present Market Response
The announcement is boosting ETH’s price. According to CoinMarketCap, ETH is currently trading at $3,567.10, up 3.48% from the previous day. ETH has risen 1.26% in the last week, demonstrating strong market confidence following the SEC ruling.
Earlier, CNF reported on updated projections from Bloomberg ETF analyst Eric Balchunas, which indicated that the Ethereum ETF could begin trading as early as July 2.
