Ethereum

Ethereum 2.0

<ul class="list-ic vertical">
 <li>1 <a>Finally, the US SEC closed the Ethereum 2.0 investigation.</a></li>
 <li>2 <a>Consensys Software Inc.’s request for Ether category justification encouraged the SEC to make a final statement.</a></li>
 <li>3 <a>The SEC’s decision indicates positive signs for the spot ETH ETF.&nbsp;</a></li>
</ul>
On June 18, the US Securities and Exchange Commission (SEC) made its final decision on the Ethereum 2.0 investigation. This came after Consensys Software requested a clear classification in the Ether (ETH) category and approval of spot ETH ETFs. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h2 class="wp-block-heading" id="strong-why-did-the-sec-drop-the-investigation-strong">Why did the SEC Drop the Investigation?</h2>
Consensys Software Inc. tweeted, “Ethereum survives the SEC.” According to the blockchain company, the SEC has stepped back on the Ethereum 2.0 investigation, which is a major win for the crypto industry.
<center>
 <blockquote class="twitter-tweet">
 ETHEREUM SURVIVES THE SEC. 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…— Consensys (@Consensys) <a href="https://twitter.com/Consensys/status/1803230653120659641?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 19, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
The commission’s notice also indicates that the SEC wouldn’t be involved in the case and would not bring charges alleging that sale of ETH are securities transactions. On June 7, Consensys sent a letter to the SEC, asking for confirmation on spot ETH ETF approvals in May.
According to Consensys, approval of ETFs indicates that<a href="https://www.thecoinrepublic.com/2023/09/11/lido-finance-shares-about-the-safety-of-ldo-and-steth-tokens/" target="_blank" rel="noopener noreferrer nofollow"> ETH tokens</a> are commodities and not securities. In April, the blockchain company filed a case against the commission for categorizing ETH as a financial security.
No immediate response was recorded from the SEC, but on June 18, the commission finally stepped back from the investigation. Apart from this, the Consensys firm is also fighting for MetaMask Swaps and Staking.
“In our lawsuit, we also seek a declaration that offering the user interface software MetaMask Swaps and Staking does not violate the securities laws,” Consensys added in its post.
<h3 class="wp-block-heading" id="strong-analyzing-the-eth-chart-amid-sec-s-withdrawal-strong">Analyzing the ETH Chart Amid SEC’s Withdrawal</h3>
The SEC’s statement was translated as positive sentiments on the ETH chart.
At press time, ETH was trading at $3,558.65 after a spike of 3.53% intraday, with a market cap of $435,318,653,706 and $19,287,927,427 in 24-hour volume. Moreover, the coin surged from $3,459.44 to $3,579.21 in a single day, reflecting its influence on the ETH price.
According to CoinMarketCap, in the past 7 days, ETH has entered a consolidation stage, hovering between $3,639.09 and $3,380.88. Also, approving the spot Ethereum ETF would enhance investors’ and traders’ interest in the respective token.&nbsp;&nbsp;&nbsp;
<h3 class="wp-block-heading" id="strong-status-of-spot-ethereum-etf-strong">Status of Spot Ethereum ETF</h3>
After approval of the 19b-4 form, no major update was received on the spot Ethereum ETF process. Most applicants, including BlackRock, VanEck, and Fidelity, filled out the required S-1 form and are awaiting the SEC’s final decision.&nbsp;
Eric Balchunas, senior ETF analyst at Bloomberg, shared the recent ETF process update in its X post. On June 15, the SEC staff sent issuers a few comments on the S-1 forms and didn’t include major changes.
<center>
 <blockquote class="twitter-tweet">
 UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… <a href="https://t.co/XJZ8JLwEFF" rel="noopener noreferrer nofollow">https://t.co/XJZ8JLwEFF</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1801725292404261308?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 14, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
The commission also requested the applicants to make the required changes within a week.&nbsp;
James Seyffart seconded Balchunas’s tweet and said it is one of the most recent updates on expected timing and over/under date. Moreover, Seyffart shared Bitwise Invest’s S-1 filing details, which don’t involve any fee structure.&nbsp;&nbsp;
<h4 class="wp-block-heading">Disclaimer</h4>
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

SEC Steps Back On Ethereum 2.0 Case; Spot ETH ETF Launch Soon?

Table of Contents

Thecoinrepublic.com

Other articles published on Jun 19, 2024

This Could Be "Rocket Fuel" For XRP and Cardano (ADA)

Can Solana Meme Coins Push Back The Advance Of New 100x Altcoin?

Shiba Inu Coin Prediction: Here’s When SHIB Could Reach $1

Meme Coins Dominance Falls: What You Should Know

Floki Inu surges 4.66% after weeks of decline: What happens now?

Circle (USDC) CEO says stablecoins will hit 10% of global currency by 2025

Join our free newsletter for daily crypto updates!