Key Points
- Consensys received a notice from the SEC about ending the Ethereum 2.0 investigation.
- The SEC will not allege that the selling of ETH is considered a securities transaction.
Consensys has announced a major win for Ethereum developers, technology providers, and industry participants.
In a new post on X, the team at Consensys revealed that the Enforcement Division of the SEC has notified them that it is closing its investigation into Ethereum 2.0.
The same notes explain that this means the SEC will not bring charges alleging that sales of Ethereum are considered securities transactions.
According to another post, this decision comes following a letter that Consensys sent to the SEC on June 7, asking the regulator to confirm that the May ETH ETF approvals which were premised on ETH being a commodity mean the fact that the agency would close its Ethereum 2.0 investigation.
Consensys noted that the closing of the Ethereum investigation is a crucial moment in the crypto industry, but it’s not a “cure-all” for the many blockchain developers, technology providers, and industry participants who have suffered under the SEC’s “unlawful and aggressive crypto enforcement regime.”
Consensys fight for Ethereum continues
The team at Consensys also wrote that the fight continues. In their lawsuit, they are also reportedly seeking a declaration that offering the user interface software MetaMask Swaps and Staking does not violate the securities laws.
They highlighted that it should not take a lawsuit to provide the much-needed regulatory clarity to allow an industry that serves as the backbone to various new technologies and innovations to thrive, but this is exactly what just happened.
In their official statement, Consensys wrote that the US SEC threatened the regulation of ETH as a security and this would jeopardize the US’s ability to use ETH and similar blockchain technology.
According to them, the implications would stretch beyond digital asset trading and would endanger the future of innovations, products, and US jobs that the Internet’s new generation could unleash.
