SEC Completes Investigation into Ethereum 2.0, Impacting Ripple’s Legal Battle
Ripple’s Legal Implications
In the latest news about cryptocurrencies, XRP has seen a slight increase of 0.51%, closing at $0.4939, which is a partial recovery from the previous day’s decline. This market movement coincides with the announcement that the SEC has concluded its investigation into Ethereum 2.0 without any plans to press charges. This is a significant development for Ethereum developers and the wider crypto industry.
The SEC’s decision regarding Ethereum could potentially influence other ongoing legal battles, including Ripple’s. Judge Analisa Torres had previously ruled that XRP’s sales to institutional investors violated US securities laws. However, the broader implications of the SEC’s stance on Ethereum could affect future legal outcomes for Ripple’s programmatic sales.
Coinbase’s Regulatory Challenges
Coinbase, a prominent cryptocurrency exchange, is also facing legal challenges as it appeals a court ruling related to its operations as an unregistered securities exchange. The outcome of this appeal could further shape the regulatory landscape for digital assets in the United States. Investors and market watchers are advised to stay updated on further developments, particularly regarding the SEC’s actions and legal proceedings, as they continue to play a crucial role in the dynamics of the cryptocurrency market.
Consensys and Ethereum 2.0
Leanor Terrett, a Fox Business Journalist, reached out to Consensys founder Joseph Lubin for comment on the SEC’s decision to drop its investigation into Ethereum and its implications for their ongoing lawsuit against the agency. Lubin confirmed that despite this development, they intend to continue their legal battle.
Lubin stated, “The SEC’s decision to close its 14-month investigation into Ethereum is a welcome development – it’s necessary but not sufficient. There has to be a better way to regulate the market than through ambush. We are hopeful that the antagonism to crypto among some US regulators is starting to wane and that the national investor protection strategy will evolve from the current guerrilla tactics. Until then, we soldier forth with our litigation against the SEC in Texas because we are intent on achieving more legal clarity for all.”
On Tuesday, Consensys officially announced that the SEC has ended its investigation into Ethereum 2.0, stating, “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 will not bring charges alleging that sales of ETH are securities transactions.”
XRP’s Market Performance
As previously reported, XRP has started the week with a significant rise, defying the broader market where most coins have seen further declines after a slow weekend. Despite Ripple’s ongoing fight for a lower fine from the SEC, XRP is currently trading at $0.4979, having surged by 1.41% in the past day and 2.16% in the past week.
