Ethereum

Ethereum 2.0

April

<h4><strong>This swift resolution follows <a href="https://www.reuters.com/legal/crypto-firm-consensys-sues-us-sec-over-ethereum-regulation-2024-04-25/" target="_blank" rel="noopener">Consensys’s April lawsuit</a> against the SEC, leading to the investigation’s closure without charges.</strong></h4> 
<p>The controversy dates back to 2018 when the SEC <a href="https://www.investopedia.com/news/sec-officially-declares-ether-not-security/" target="_blank" rel="noopener">declared</a> Ether was not a security. However, in 2023, the SEC began asserting jurisdiction over Ethereum, claiming it as a security and launching an investigation.</p> 
<h5><strong>Legal Action Leads to SEC Investigation Closure</strong></h5> 
<p>This move was seen as invalid by many in the crypto community, including Consensys, who responded by suing the SEC on April 25th, 2024. The lawsuit aimed to stop the SEC’s investigation by arguing Ether is a commodity, not a security, outside SEC jurisdiction.</p> 
<p>Consensys’s legal challenge was met with widespread support from policymakers, members of Congress, and the general public. The company’s stance was clear: the Ethereum ecosystem needed protection from what they deemed an overreach by the SEC. On June 7th, Consensys sent a letter to the SEC. They urged the agency to recognize that its approval of ETH ETFs in May implied Ether’s status as a commodity. This should result in the closure of the <a href="https://www.altcoinbuzz.io/?s=ethereum+2.0" target="_blank" rel="noopener">Ethereum 2.0</a> investigation.</p> 
<p><img decoding="async" class="wp-image-143383 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvdfdssdf-300x196.png" alt="" width="465" height="304" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvdfdssdf-300x196.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/cxvdfdssdf.png 388w" sizes="(max-width: 465px) 100vw, 465px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/Consensys/status/1803230653120659641" target="_blank" rel="noopener">X</a></strong></h6> 
<p>The SEC’s Enforcement Division responded favorably. They notified Consensys of the investigation’s closure and confirmed that no enforcement action would be taken against them. This decision was a relief to Consensys, who expressed gratitude but also emphasized the need for broader regulatory clarity in the crypto industry.</p> 
<p>According to its <a href="https://consensys.io/blog/sec-closes-ethereum-2-0-investigation-will-not-pursue-ethereum-enforcement" target="_blank" rel="noopener">blog post</a>, Consensys called for clear, principled regulatory guidelines, moving away from the SEC’s enforcement-centric approach. This sentiment was reflected in their lawsuit. They also sought a court declaration that their software offerings, MetaMask Swaps, and Staking, do not constitute broker activities or the issuance of securities.</p> 
<p><img decoding="async" class="wp-image-143384 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/csdcdsvd-300x188.png" alt="" width="479" height="300" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/csdcdsvd-300x188.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/csdcdsvd.png 397w" sizes="(max-width: 479px) 100vw, 479px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/Consensys/status/1803230654789984354" target="_blank" rel="noopener">X</a></strong></h6> 
<p>The broader message from Consensys is that no company or individual should have to undergo costly litigation to gain<a href="https://www.altcoinbuzz.io/?s=regulation" target="_blank" rel="noopener"> regulatory clarity</a>. As stated in their lawsuit, Consensys aims to build software that empowers users worldwide to interact with the Ethereum network without the uncertainty and burden of unlawful enforcement actions.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone size-full wp-image-123700" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/sec-closes-ethereum-2-0-investigation-after-consensys-lawsuit/">SEC Closes Ethereum 2.0 Investigation After Consensys Lawsuit</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

SEC Closes Ethereum 2.0 Investigation After Consensys Lawsuit

Altcoin Buzz

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