Main Ethereum developer Consensys introduced late Tuesday that the U.S. Securities and Alternate Fee is “closing its investigation” into the cryptocurrency.
“Right this moment we’re pleased to announce a significant win for Ethereum builders, expertise suppliers, and business individuals: the Enforcement Division of the SEC has notified us that it’s closing its investigation into Ethereum 2.0,” the corporate posted on Twitter. “Which means that the SEC won’t deliver prices alleging that gross sales of ETH are securities transactions.”
After the SEC authorised Ethereum spot ETFs final month, Consensys stated it despatched a letter to the SEC noting that the funds “had been premised on ETH being a commodity,” asking how the choice would have an effect on the company’s investigation. (Disclosure: Consensys is considered one of 22 buyers in Decrypt.)
Consensys legal professional Laura Brookover individually posted the SEC’s notification letter and the corporate’s full assertion on the SEC’s transfer to Twitter.
“Issues have modified remarkably quick since we filed our lawsuit in opposition to the SEC in late April, culminating in at present’s growth,” Brookover wrote. “After greater than a 12 months, the Ethereum investigation is lastly over with no prices in opposition to anybody.”
The SEC’s correspondence, nevertheless, included normal language that disclaimed that the discover that it concluded its investigation “should under no circumstances be construed as indicating that the social gathering has been exonerated or that no motion could in the end end result from the employees’s investigation.”
In April, Consensys went on the offensive, submitting a lawsuit in opposition to the SEC that claimed the regulator was making an attempt to “seize management over the way forward for cryptocurrency” and that it was planning to designate Ethereum as a safety. In reality, the unredacted lawsuit revealed, Consensys alleged that the SEC had internally selected the standing of Ethereum a 12 months prior.
The lawsuit was triggered by a Wells Discover—a precursor to regulatory motion—Consensys stated it acquired for its widespread MetaMask pockets.
On Tuesday, Consensys made clear that it will proceed to press its case in opposition to the SEC.
“In our lawsuit, we additionally search a declaration that providing the consumer interface software program MetaMask Swaps and Staking doesn’t violate the securities legal guidelines,” the corporate stated. “It shouldn’t take a lawsuit to offer the much-needed regulatory readability to permit an business that serves because the spine to numerous new applied sciences and improvements to thrive.”
Whereas celebrating the SEC’s resolution to again off, the corporate remained staunchly essential of the company’s method to crypto regulation.
“The closing of the Ethereum investigation is momentous, but it surely’s not a cure-all for the various blockchain builders, expertise suppliers, and business individuals who’ve suffered underneath SEC’s illegal and aggressive crypto enforcement regime,” Consensys added.
The SEC didn’t instantly reply to a request for remark from Decrypt.
