SEC Closes Ethereum Investigation, ETH Price Rises 3%

JAKARTA - ConsenSys announced that the US Securities and Exchange Commission (SEC) has decided to close its investigation into Ethereum 2.0. This announcement brings fresh air to the Ethereum community, with the price of ETH rising by 3% after this news was released.

On June 19, ConsenSys announced an important victory for Ethereum developers, technology providers, and industry players. SEC's Enforcement Division notified ConsenSys that it was closing its investigation into Ethereum 2.0. This shutdown means the SEC will not pursue allegations that ETH sales are securities transactions.

Quoted from CryptoPotato, ConsenSys said, "The closure of Ethereum investigations means a lot, but does not solve all problems for many blockchain developers, technology providers, and industry players who have suffered under the SEC's illegal and aggressive crypto enforcement regime."

ConsenSys initially filed a lawsuit against the SEC in April, against ETH's category of financial securities by the agency. The lawsuit claims that SEC's Director of Enforcement Division, Gurbir Grewal, authorized an investigation into Ethereum 2.0 on March 28, 2023 to investigate individuals and entities involved in Ether's purchase and sale. The company also received a Wells notice from the SEC in April, indicating the agency's intention to carry out law enforcement actions.

ETH saw an increase in prices, surpassing the US$500 (approximately IDR 57.2 million) as soon as ConsenSys announced that the SEC had closed its investigation of Ethereum. Prior to its announcement on June 19, ETH was trading at 3,493 US Dollars (approximately IDR 57.1 million). In 20 minutes, ETH rose about to 3,541 US Dollars (approximately IDR 57.9 million), past a critical level of 3,500 US Dollars.

This price increase shows growing investor confidence, which may ease recent concerns about possible breach of securities law, including those linked to ETH transfers on the network if the SEC resumes action.