Ethereum
Ethereum Price Soars as SEC Investigation Concludes
The value of Ether surpassed US$3,500 as the US Securities and Exchange Commission (SEC) completed its investigation into Ethereum.
The conclusion of the SEC investigation, which did not result in any charges related to sales of Ethereum as securities, was greeted enthusiastically by investors and the Ethereum community.
This development comes after Consensys, an Ethereum developer, challenged the SEC’s regulatory position, arguing for the classification of Ethereum as a commodity.
Consensys’ legal challenge, launched in April 2024, sought to limit the SEC’s regulatory reach on Ethereum and obtain a judicial declaration affirming its commodity status.
The culmination of this legal battle, combined with public and political support, led to a favorable outcome from the SEC’s Enforcement Division on June 18.
The resolution of the SEC’s scrutiny lifts a major uncertainty that cast a shadow over Ethereum, potentially affecting its classification and market demand.
The announcement of the end of the investigation sparked an immediate market response, with Ethereum’s trading price climbing to $3,586, according to CoinGecko.
The SEC approved a series of Ether spot exchange-traded funds (ETFs) last month, paving the way for them to trade on exchanges.
Announced on May 23, the move comes amid legislative efforts to define the regulatory roles of the SEC and the Commodity Futures Trading Commission in the crypto industry, the Financial Innovation Act and Technology for the 21st century still pending in the Senate.