coinspress.com
The bearish trends in the cryptocurrency community have landed it in a difficult place lately.
However, there is good news to celebrate: Ethereum has just won a major legal battle.
Earlier today, Ethereum developer Consensys disclosed this fact in a blog post adding that the U.S Securities and Exchange Commission (SEC) investigation of ETH will be closed.
In April, Consensys filed a lawsuit against SEC regarding the classification of Ethereum as a security. The chairperson of SEC, Gary Gensler had indicated earlier that ETH was indeed a security. Nevertheless, Consensys stated in its most recent blog post,
“Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0. This means that the SEC will not bring charges alleging that sales of ETH are securities transactions.”
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On June 7th, Consensys wrote to SEC asking if the approval for spot Ethereum ETFs means that no action would be taken against Ethereum 2.0 by them anymore.
The letter from the SEC in response was shared by Laura Brookover who is an attorney at Consensys while underpinning what she believes is at stake with this victory. Despite this success, however, Consensys still maintains that the regulatory approach used by the SEC needs some criticism because such victories do not solve the problems of all blockchain developers, technology providers and industry players considering how stringent they enforce crypto regulations.