Crypto

SEC drops case against Ethereum, says it’s not a security

SEC drops case against Ethereum, says it's not a security

The move comes as a surprise, given the agency’s continued attack on the cryptocurrency space

According to an announcement from Consensys, the US Securities and Exchange Commission (SEC) has concluded its investigation into Ethereum 2.0 and will no longer pursue its case, claiming that ETH is a security.

“The Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0,” declared Ethereum creator Consensys in a June 19 X post. It added, “This means that the SEC will not bring charges alleging that sales of ETH are securities transactions,” which the firm touted as a “major win for Ethereum developers, technology providers, and industry participants.”

Consensys states that the regulator’s ruling was decided after it sent them a letter on June 7 requesting an end to the probe into Ether. In May, the SEC approved spot Ether exchange-traded funds (ETFs), which the company contends are “premised on ETH being a commodity.”

Laura Brookover, Consensys’ senior counsel, communicated the SEC’s response, which says it doesn’t “intend to recommend an enforcement action.” According to a March report by Fortune, the SEC subpoenaed various companies in its attempts to tag ETH as a security.

Consensys sued the SEC just after it received a Wells notice in April with a warning that its MetaMask crypto wallet product may have broken US securities laws.

The ongoing suit argues that the SEC and Chairman Gary Gensler had considered ETH a security since early 2023 and that SEC Division of Enforcement Director Gurbir Grewal consented to the probe into Ether’s securities status on March 28 last year.

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