Ethereum

2024

Ethereum 2.0

<ul>
 <li><strong>The SEC has closed its investigation into Ethereum 2.0, clearing ETH from being classified as a security.</strong></li>
 <li><strong>Despite the SEC’s decision, ConsenSys continues its lawsuit for regulatory clarity on MetaMask Swaps and Staking.</strong></li>
</ul>
<p>Today saw a big boost for the blockchain community as top Ethereum development firm ConsenSys <a href="https://x.com/Consensys/status/1803230653120659641" rel="noopener noreferrer nofollow">revealed</a> a critical milestone for Ethereum.</p>
<p>ConsenSys has received notification from the U.S. Securities and Exchange Commission (SEC) that it is closing its <a href="https://www.crypto-news-flash.com/a-staggering-6b-in-eth-burnt-so-far-ethereum-2-0-getting-closer/" target="_blank" rel="noopener noreferrer nofollow">Ethereum 2.0</a> investigation. The continuous discussion about securities laws and cryptocurrency rules has reached a turning point with this ruling.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">ETHEREUM SURVIVES THE SEC.</p>
 <p>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.</p>
 <p>This means that the SEC…</p>
 <p>— Consensys (@Consensys) <a href="https://twitter.com/Consensys/status/1803230653120659641?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 19, 2024</a></p>
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<h2 id="strong-sec-drops-ethereum-2-0-investigation-strong"><strong>SEC Drops Ethereum 2.0 Investigation&nbsp;</strong></h2>
<p>ConsenSys announced that the Enforcement Division of the SEC has decided against filing charges claiming that ETH sales qualify as securities transactions.</p>
<p>This result follows a June 7 letter from <a href="https://www.crypto-news-flash.com/breaking-consensys-files-lawsuit-against-sec-declaring-ethereum-is-not-a-security-eth-price-to-explode-to-5000/" target="_blank" rel="noopener noreferrer nofollow">ConsenSys</a> asking the SEC to verify that the May approvals of ETH Exchange-Traded Funds (ETFs) signaled the end of the Ethereum 2.0 inquiry because ETH is a commodity.</p>
<p>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 <a href="https://x.com/CollinBrownXRP/status/1803278407167332374" rel="noopener noreferrer nofollow">said</a>. The crypto community, which has long been scrutinized by the SEC’s strict enforcement system, shares this opinion in large measure.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> 2.0 gets the green light! SEC closes investigation, confirming ETH is not a security. Big win for developers and the crypto community! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f60e.png" alt="😎" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a> (<a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a>) will follow, knowing they are on the right side of history! <a href="https://t.co/vwqATokhkL" rel="noopener noreferrer nofollow">pic.twitter.com/vwqATokhkL</a></p>
 <p>— Collin Brown (@CollinBrownXRP) <a href="https://twitter.com/CollinBrownXRP/status/1803278407167332374?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 19, 2024</a></p>
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<p>ConsenSys underlined that the fight is far from finished, even with the SEC’s ruling. The company is still suing to have the <a href="https://www.crypto-news-flash.com/metamask-and-robinhood-forge-integration-streamlining-crypto-access-for-users/" target="_blank" rel="noopener noreferrer nofollow">MetaMask</a> Swaps and Staking user interface software declared to not be in violation of securities laws.</p>
<p>ConsenSys said that obtaining the regulatory certainty required for the blockchain sector to flourish—which is essential to many new technologies and innovations—should not require a lawsuit.</p>
<h3 id="strong-current-market-reaction-strong"><strong>Current Market Reaction&nbsp;</strong></h3>
<p>The news is helping ETH’s price. CoinMarketCap reports that the price of ETH at the moment of writing is at <strong>$3,567.10</strong>, up <span style="color: #339966;"><strong>3.48%</strong></span> over the previous day. With a <span style="color: #339966;"><strong>1.26%</strong> </span>increase over the last week, ETH has remained bullish, reflecting robust market confidence in the wake of the SEC ruling.</p>
<div class="cryptoboxes" id="mcw-418525" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="ethereum" data-symbol="ETH" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
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<p>Previous to this, CNF reported on updated estimates from Bloomberg ETF analyst Eric Balchunas that <a href="https://www.crypto-news-flash.com/ethereum-etfs-expected-to-launch-in-early-july-eth-price-poised-to-reach-6000/" rel="noopener noreferrer nofollow">Ethereum ETFs</a> may start trading as early as July 2. This move strengthens confidence in Ethereum and the larger crypto market by offering a more controlled and stable setting for business expansion.</p>

Ethereum 2.0 Case Closed by SEC: Major Win for Developers

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