US SEC Closes Investigation Into Ethereum 2.0, Ether Price Gains 3.3%

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As a researcher with a background in blockchain technology and securities law, I view the SEC’s decision to close its investigation into Ethereum 2.0 as a significant step forward for the web3 industry. The closure of this investigation provides much-needed clarity for Ethereum developers and investors, allowing the ecosystem to continue growing and innovating without the looming threat of securities law violations.

The Securities and Exchange Commission (SEC) of the United States, via its Enforcement Division, has informed Consensys Inc., a software development firm dedicated to enhancing the Ether network, that their investigation regarding Ethereum 2.0 has been concluded.

On June 18, the US Securities and Exchange Commission (SEC) announced that they would discontinue pursuing an enforcement case, despite holding a different opinion regarding the underlying legal interpretation.

“This notice is given in accordance with the instructions outlined in the last part of Securities Act Release 5310. It’s important to note that this notice should not be interpreted as an absolution or indication that no further action may be taken following the staff’s investigation.”

Big Win for Ethereum Developers

The decision by the United States Securities and Exchange Commission (SEC) to conclude its investigation into Ethereum (ETH) is a significant advancement for the web3 community worldwide. As reported by Consensys in a blog post, the Ethereum network can now progress unencumbered as the SEC no longer alleges that the initial sales of ETH transgressed securities regulations.

The conclusion of the Ethereum investigation is significant, but it doesn’t solve the issues faced by numerous blockchain developers, technology providers, and industry players who have been adversely affected by the SEC’s unlawful and aggressive crypto enforcement actions. Consensys made this observation.

As a legal analyst, I’m closely monitoring the ongoing efforts of ConsenSys’ legal team as they advocate for regulatory clarification regarding MetaMask Swaps and Staking. The Securities and Exchange Commission (SEC) has raised concerns that these features may be in violation of securities laws.

Spot Ether ETF Listing Imminent

As a crypto investor, I’ve kept an eye on the developments surrounding the anticipated initial public offering (IPO) of a particular project. According to Coinspeaker’s earlier report, the US Securities and Exchange Commission (SEC) has given its nod to all the 19b-4 filings. However, my anticipation is still held up as I wait for the final approval of their S-1 filing. This delay comes after the SEC’s investigation into Ethereum, which could potentially impact this project as well.

Following the conclusion of Ethereum’s investigation, there are anticipations that Ether ETFs will soon be listed and available for trading on the spot market. Additionally, it is important to note that Ethereum has been classified as a commodity, joining the ranks of Bitcoin, gold, and crude oil.

The Securities and Exchange Commission (SEC) has announced that it has completed its probe into Ethereum’s ($ETH) classification as a security and its related transactions, bringing the investigation to a close for Consensys.
— Eleanor Terrett (@EleanorTerrett) June 19, 2024

Market Impact and ETh Price Expectations

In the realm of web3 and smart contracts, the Ethereum network reigns supreme. With a staggering $62 billion worth of assets secured and an impressive $79 billion market capitalization for its stablecoins, Ethereum sets the standard.

As a researcher studying the blockchain landscape, I’ve observed that Ethereum’s network growth can be attributed to its compatibility with other layer-one blockchains, primarily through the Execution Environment called Ethereum Virtual Machine (EVM). This feature allows for seamless integration of various blockchain projects, fostering a vibrant and interconnected ecosystem.

With the green light given for Ether ETFs in Hong Kong and the US, Ethereum’s price is primed to ignite the long-awaited explosive growth in the Ethereum market.

Additionally, it’s plausible that the US Securities and Exchange Commission (SEC) will adopt similar stances towards other altcoins, particularly those that have advanced significantly in decentralization, such as Cardano (ADA), leading the way.

Based on technical analysis, Ethereum’s price has a good chance of reaching its record high again as the amount of Ethereum available for trading on exchanges hits a low not seen in years. The value of Ethereum against the US dollar increased by 3% over the past day and was priced around $3,542 during the European trading session on Wednesday.

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2024-06-19 12:18