The US Securities and Exchange Commission has concluded its investigation into Ethereum 2.0, resulting in a collective breath of relief from the entire related industry, as reported by Consensys.
As per Consensys, this means that the SEC no longer considers the sale of ETH as a securities transaction. This occurred incidentally in response to the business house’s submission of an email on June 7th, which requested that the agency verify that the consent received for the spot ether exchange-traded fund marked the conclusion of the ongoing Ethereum 2.0 investigation. The consent signified the acceptance of the ETH tokens as commodities, not securities.
The Blockchain building business, responsible for the MetaMask Ethereum wallet, played a crucial role in filing a lawsuit against the SEC for classifying ETH as a financial security, despite its classification as a commodity.
The complaint statement further stated that the Director of the Division of Enforcement, Gurbir Grewal, gave his consent for the investigation pertaining to Ethereum 2.0, sometime towards the beginning of last year. The purchasing and selling of ether would be approached by a variety of individuals, including company officials. Meanwhile, Consensys received a Wells notice from the Securities and Exchange Commission (SEC) in April, which indicated that the agency was pursuing an enforcement action against the company.
Gary Gensler, the Chair, has chosen not to share his perspective on the raised questions. This pertains to his opinion that ether is a security, whereas the Commodity Futures Trading Commission Chair, Rostin Behnam, has accepted that it is nothing more than a commodity.
According to Consensys, the battle will persist.