SEC’s Move Boosts Confidence in Ethereum’s Future Prospects

• The SEC’s conclusion to its Ethereum investigation boosted ETH price by 5%, nearing $3,600, as a whale bought 5,603 ETH.
• ConsenSys contacted the SEC regarding the Ethereum 2.0 investigation, which may conclude alongside the anticipated spot Ethereum ETF approval.
• Despite a Wells Notice, the SEC has not charged ConsenSys over MetaMask’s features, highlighting the need for clearer crypto regulatory guidelines.

The U.S. Securities and Exchange Commission (SEC) has delivered unexpected news to the Ethereum community: it concluded its investigation into Ethereum’s status as a security. Following this announcement, Ethereum’s price surged by 5%, approaching $3,600. Additionally, an Ethereum whale made a purchase of 5,603 ETH shortly after the news broke.

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SEC to End Ethereum Investigation

ConsenSys contacted the SEC about the Ethereum 2.0 investigation, and the SEC replied positively by closing the investigation This is around the time the SEC is set to approve the highly anticipated spot Ethereum ETF. ConsenSys sent a letter to the SEC last week asking if the ETF approval would mean the investigation is over.

ConsenSys assured that it would continue its legal battle for further regulatory clarity. The company aims to ensure that offering features like MetaMask Swaps and Staking does not violate securities laws. Moreover, ConsenSys expressed frustration that a lawsuit is necessary for regulatory clarity. Clear guidelines are essential for the advancement of crypto technologies and innovations.

Despite the Wells Notice, the SEC has not yet charged ConsenSys regarding MetaMask Wallet’s swaps and staking features. The firm made the Wells Notice public in April, indicating possible charges. However, no charges have been filed so far.

ETH Price Surge Ahead

From its weekly lows of $3,381, Ethereum’s price has bounced back strongly. While ICO whales have been dumping Ethereum recently, other big players are buying from exchanges. According to on-chain data provider Santiment, a prominent whale withdrew 16,604 ETH from Binance in the past 19 days. The ETH whale purchased these coins at an average value of $3,600.

Interestingly, the whale purchased an additional 5,603 ETH worth $19.7 million shortly after the SEC announced the permanent suspension of the investigation. This move indicates strong confidence in Ethereum’s prospects.

Read also:

• What’s a DAOlationship and Why is ConsenSys Having One?
• ConsenSys Partners With Oasys for Blockchain Gaming
• SEC Ends Ethereum Investigation, Paving the Way for ETF Launch
• ConsenSys’s Bold Move: Securing Ethereum ETF Approval with Revolutionary Features
• MetaMask Does Not Collect Taxes on Crypto Transactions: ConsenSys