In the last couple of days, there has been an ongoing battle between the crypto community and the bears. The market, however, is now celebrating Ethereum’s triumph. Consensys Software Inc., a developer of Ethereum, announced earlier today in a Blog post that United States Securities and Exchange Commission closed its investigation on Ethereum’s native currency, Ether.
Consensys began an investigation in April to determine if Ether is classified as security. In its lawsuit, SEC staff implied that Gary Gensler and the SEC chairperson believed the altcoin to be a financial instrument. Consensys, however, stated in its post X that it did not believe the altcoin was a security. said,
“Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0. This means that the SEC will not bring charges alleging that sales of ETH are securities transactions.”
Also Read: SEC Approves All Spot Ethereum ETFs
Ethereum Claims This Win
A thread was posted on X by the firm that created Ethereum, explaining how it won. Consensys wrote the SEC on June 7 to confirm that, with the approval of the exchange-traded funds for spot ether, it no longer would be investigating Ethereum 2.0. Consensys also noted that ETH tokens were the basis for approval of the spot Ether exchange-traded funds, but it wasn’t final.
Laura Brookover shared with Consensys the SEC response letter. In a second tweet she wrote:
Consensys is still growing despite the latest victory. voice The SEC has been criticized for its regulatory approach. The company also pointed out that this recent win isn’t an endorsement of the SEC. “cure-all” The SEC has been harsh in its enforcement of crypto regulations. This is a disservice to blockchain developers, tech providers and other industry players.
Also Read: SEC Chair Gensler: Ethereum ETF Debut Will ‘Take Some Time’
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru