Leading Ethereum developer Consensys revealed late Tuesday that the U.S. Securities and Exchange Commission (SEC) has decided to close its investigation into Ethereum 2.0.
Leading Ethereum developer Consensys revealed late Tuesday that the U.S. Securities and Exchange Commission (SEC) has decided to close its investigation into Ethereum 2.0. This announcement marks a pivotal moment for Ethereum developers and the broader crypto industry.
The decision follows the SEC's approval of Ethereum spot ETFs last month. Consensys had responded to this approval by sending a letter to the SEC, pointing out that the funds were based on ETH being classified as a commodity. The letter sought clarification on how this classification would impact the ongoing investigation.
Laura Brookover, an attorney for Consensys, took to Twitter to share the SEC's notification letter along with the company's full statement. "Things have changed remarkably fast since we filed our lawsuit against the SEC in late April, culminating in today’s development," Brookover wrote. "After more than a year, the Ethereum investigation is finally over with no charges against anyone."
Despite the positive news, the SEC's correspondence included a standard disclaimer, noting that the conclusion of the investigation should not be interpreted as an exoneration or a guarantee that no future action would be taken.
While the closing of the Ethereum investigation is a significant victory, Consensys remains critical of the SEC's overall approach to crypto regulation. "The closing of the Ethereum investigation is momentous, 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."
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