SEC’s decision marks a turning point for Ethereum, confirming its commodity status.
The US Securities and Exchange Commission (SEC) has wrapped up its investigation into Ethereum 2.0 and will no longer pursue legal action claiming that ETH sales are securities transactions, according to a recent announcement from Consensys.
ETHEREUM SURVIVES THE SEC.
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…
— Consensys (@Consensys) June 19, 2024
Consensys said this is a major win for Ethereum developers and businesses. It removes a cloud of uncertainty that could have hampered Ethereum’s growth.
As noted, the SEC’s decision comes after Consensys sent a letter to the SEC arguing that the recent approval of spot Ethereum ETFs implied ETH wasn’t a security, and the SEC should close the investigation. The SEC’s decision likely hinged on considering ETH a commodity, much like BTC, and signifies no forthcoming legal challenges in this regard.
Despite this progress, Consensys said the quest for definitive regulatory guidelines continues, especially concerning services like MetaMask Swaps and Staking. The team is still seeking broader clarity from the SEC on crypto regulations.
Our fight continues. In our lawsuit, we also seek a declaration that offering the user interface software MetaMask Swaps and Staking does not violate the securities laws. It should not take a lawsuit to provide the much-needed regulatory clarity to allow an industry that serves…
— Consensys (@Consensys) June 19, 2024