Ethereum 2.0 case closed by the SEC: major victory for developers

• The SEC has closed its investigation into Ethereum 2.0, preventing ETH from being classified as a security.
• Despite the SEC’s decision, ConsenSys is continuing its legal action to clarify regulations on MetaMask exchanges and staking.

Today, ConsenSys, the leading Ethereum development company, has seen a big boost for the blockchain community. revealed a critical step for Ethereum.

ConsenSys has received notice from the United States Securities and Exchange Commission (SEC) informing it of the closure of its Ethereum 2.0 investigation. The ongoing debate over securities laws and rules relating to cryptocurrencies has reached a turning point with this decision.

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SEC drops investigation into Ethereum 2.0

ConsenSys announced that the SEC’s Enforcement Division has decided not to file charges claiming that ETH sales qualify as securities transactions.

This result follows a June 7 letter from ConsenSys ask the SEC to verify that the May approvals of ETH exchange-traded funds (ETFs) marked the end of the Ethereum 2.0 investigation because ETH is a commodity.

Blockchain researcher Collin Brown and many other cryptocurrency enthusiasts applauded the announcement. “Ripple (XRP) will follow, knowing they are on the right side of history,” Brown said. The crypto community, which has long been scrutinized by the SEC’s strict enforcement system, largely shares this opinion.

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ConsenSys stressed that the fight is far from over, even with the SEC’s decision. The company is still suing to obtain the MetaMask Swaps and Staking UI software declared not to violate securities laws.

ConsenSys said achieving the regulatory certainty needed to develop the blockchain sector – essential to many new technologies and innovations – should not require litigation.

Current market reaction

The news helps the price of ETH. CoinMarketCap reports that the price of ETH at the time of writing is $3,567.10up 3.48% compared to the day before. With a 1.26% Over the past week, ETH has remained bullish, reflecting strong market confidence following the SEC’s decision.

Previously, CNF reported on updated estimates from Bloomberg ETF analyst Eric Balchunas that Ethereum ETF could begin trading as early as July 2. The move builds confidence in Ethereum and the broader crypto market by providing a more controlled and stable framework for business expansion.

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