Ethereum Soars 3% As Consensys Says The SEC Drops Investigation Into Ethereum 2.0 Following ETH ETF Approvals

Ethereum surged 3% after Consensys stated the US Securities and Change Fee (SEC) ended its probe into Ethereum 2.0, boosting sentiment across the altcoin forward of the launch of an ETH ETF.

“The Enforcement Division of the SEC has notified us that it’s closing its investigation into Ethereum 2.0,” Consensys stated in a Jun. 19 submit on X. “Which means the SEC won’t deliver costs alleging that gross sales of ETH are securities transactions.”

Consensys Calls “Momentous” Finish Of Ethereum 2.0 Investigation A “Main Win”

Consensys stated the event is a “main win” for Ethereum builders. In an X thread, the corporate revealed that the SEC’s resolution adopted a Jun. 7 letter it despatched to the regulator.

The choice follows a letter we despatched on June 7, asking the SEC to substantiate that the Could ETH ETF approvals, which had been premised on ETH being a commodity, meant the company would shut its Ethereum 2.0 investigation.

The closing of the Ethereum investigation is momentous, but it surely’s…

— Consensys (@Consensys) June 19, 2024

ETH ETF Launches Await Inexperienced Gentle From SEC

Within the letter, the corporate requested whether or not the approval of ETH ETFs (exchange-traded funds) would finish the Ethereum 2.0 investigation. The approval has not but given the inexperienced mild for issuers to launch these funding merchandise. Nevertheless, Consensys wrote that the approval was based mostly on the premise that ETH tokens had been commodities.

Though the closing of the Ethereum investigation is “momentous,” the corporate said that it’s “not a cure-all” for the a number of blockchain builders, suppliers and contributors “who’ve suffered” below the SEC’s “aggressive” regulatory regime.

ETH’s Safety Standing Nonetheless Unclear Forward Of Remaining ETH ETF Approvals

Consensys went on the offensive earlier this 12 months when it filed a lawsuit towards the SEC in April. The rationale for the submitting was to oppose the company’s classification of ETH as a monetary safety. It now appears the corporate continues to be useless set on battling it out with the SEC. “Our combat continues,” the agency stated on the finish of the X thread.

Our combat continues. In our lawsuit, we additionally search a declaration that providing the person interface software program MetaMask Swaps and Staking doesn’t violate the securities legal guidelines. It mustn’t take a lawsuit to supply the much-needed regulatory readability to permit an business that serves…

— Consensys (@Consensys) June 19, 2024

In its lawsuit, Consensys alleged that SEC Division of Enforcement Director, Gurbir Grewal, permitted the investigation into Ethereum 2.0 on Mar. 28 final 12 months. That was earlier than the corporate acquired a Wells Discover from the SEC previous to Consensys submitting its lawsuit.

Whereas SEC chair Gary Gensler has prevented answering questions relating to ETH’s safety standing, Commodity Futures Buying and selling Fee Chair Rostin Behnam has categorized the altcoin as a commodity.

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