SEC Ends Ethereum 2.0 Investigation, Token Costs Soar

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  • Ethereum and different altcoins surged following the newest information in regards to the U.S. Securities and Change Fee (SEC) investigation into whether or not ETH is a safety.
  • Lido DAO surged double digits, whereas Uniswap, Solana and Cardano additionally surged.

ETH surges following Consensys vs. SEC information

Ethereum rose to a excessive of $3,586 on Wednesday morning because the market reacted to ConsenSys’ announcement that the U.S. Securities and Change Fee (SEC) had ended its investigation into Ethereum 2.0.

Consensys wrote that Ethereum “survived” the SEC.

“Immediately, we’re happy to announce a significant win for Ethereum builders, know-how suppliers and trade contributors: the SEC’s Enforcement Division has notified us that it’s closing its investigation into Ethereum 2.0.”

Based on the blockchain software program firm, the SEC's choice to shut its investigation implies that the regulator won’t carry expenses associated to ETH gross sales being securities transactions.

“The closure of the Ethereum investigation is critical, however it’s not a panacea for the various blockchain builders, know-how suppliers, and trade contributors who’ve suffered below the SEC's illegal and aggressive cryptocurrency enforcement regime,” the corporate added.

SEC Approves Ether Spot ETF

ConsenSys sued the SEC in April after the regulator launched an investigation into Ethereum 2.0, which reportedly started in March 2023.

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Nevertheless, regulators permitted an Ethereum spot ETF in Might of this yr, and this growth marks a change within the regulator’s outlook.

Immediately's information comes simply days after ConsenSys despatched a letter to the SEC about this.

The corporate despatched a letter on June 7 asking whether or not the approval of a spot Ethereum ETF means Ethereum is a commodity and whether or not the authorities ought to drop their investigation.

In a broader market response, different altcoins surged alongside ETH, with Lido DAO up greater than 19%, whereas Solana, Cardano and Uniswap additionally traded up greater than 4% every.

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