ConsenSys Announces SEC Has Closed Its Investigation Into Ethereum (ETH) Being a Security

ayed via email that the US Securities and Exchange Commission (SEC) has stopped its investigations of Ether (ETH) being a security and, thus, Ethereum offering securities illegally. The news comes as the SEC is in the final stages of approving spot Ether ETFs.

Consensys has announced that the US Securities and Exchange Commission (SEC) has closed its investigation into whether Ether (ETH) sales constitute securities transactions, paving the way for the approval of spot Ether ETFs.

According to a post by Consensys, the SEC's Enforcement Division has notified the company that it will not pursue charges alleging that ETH sales are securities transactions. This marks a significant development in the SEC's stance on Ethereum, especially following the network's transition to the Proof-of-Stake (PoS) consensus mechanism.

The SEC has previously asserted that all cryptocurrencies except Bitcoin are securities, leading to speculation regarding the agency's treatment of ETH. However, recent statements and actions indicate a shift in approach towards Ether.

Consensys had played a crucial role in this matter, sending a letter to the SEC on June 7th, inquiring about the status of the Ethereum investigation in light of the impending approval of Ether ETFs. The SEC's response to Consensys highlighted its current stance, stating that its prior investigation is "premised on ETH being a commodity."

Consensys, a leading Ethereum software company, would have been directly impacted if the SEC had continued its attempts to shut down Ethereum and its supporting ecosystem in the US. Consensys, along with several other service providers, received a Wells Notice from the SEC regarding their alleged roles as broker-dealers in unregistered ETH transactions.

nobrConsensys operates MetaMask, a popular cryptocurrency wallet that offers ETH swaps and staking services. The company had filed a lawsuit against the SEC over its actions towards Ethereum, arguing that the regulator had overstepped its authority and was unfairly targeting cryptocurrencies to stifle innovation.

"The SEC's unlawful seizure of authority over ETH would spell disaster for the Ethereum network, and for Consensys," Consensys stated in its court filing on April 25th. This lawsuit remains ongoing.

News source：https://www.kdj.com/cryptocurrencies-news/articles/consensys-announces-closed-investigation-ethereum-eth-security.html

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