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. The SEC made it clear in its lawsuit that Gary Gensler and the SEC believed the altcoin to be a financial instrument. Consensys stated that in the X-post, it believed altcoins were securities. 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
The company behind Ethereum published a thread in X explaining the processes behind their victory. Consensys, according to reports, wrote a letter on June 7, asking the SEC for confirmation that approvals of spot ether exchange traded funds meant it was no longer looking into 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 is the Consensys attorney. She shared the SEC letter of response and in another tweet wrote that,
Consensys, despite its recent win, continues to grow voice Criticism of the SEC’s regulatory approach. The company pointed to the fact that this recent win is not a “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’
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Source: watcher.guru
