- SEC concludes Ethereum 2.0 investigation, influencing Ripple’s legal battle.
- XRP sees a modest rise amid significant regulatory developments.
In the latest cryptocurrency news, XRP experienced a modest increase of 0.51%, closing at $0.4939, partially recovering 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 plans to press charges, marking a significant development for Ethereum developers and the broader crypto industry.
Ripple’s Legal Implications
As highlighted in Today’s CNF YouTube Video, this decision could potentially influence other ongoing legal battles, including Ripple’s. Despite a previous ruling by Judge Analisa Torres, which found that XRP’s sales to institutional investors violated US securities laws, the broader implications of the SEC’s stance on Ethereum could affect future legal outcomes regarding Ripple’s programmatic sales.
Coinbase’s Regulatory Challenges
Additionally, the crypto community is closely watching Coinbase’s legal challenges, as the company appeals a court ruling related to its operations as an unregistered securities exchange.
The outcome could further shape the regulatory landscape for digital assets in the U.S. Investors and market watchers are advised to stay tuned for further developments, particularly regarding the SEC’s actions and legal proceedings, which continue to play a pivotal role in the cryptocurrency market’s dynamics.
Consensys and Ethereum 2.0
According to a tweet by Leanor Terrett, a Fox Business Journalist, she 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.
🚨NEW: I reached out to @Consensys founder @ethereumJoseph for comment on the @SECGov dropping its investigation into $ETH and what it means for their lawsuit against the agency. He told me the company still plans to move forward with it:
“The SEC's decision to close its…
— Eleanor Terrett (@EleanorTerrett) June 20, 2024
Lubin stated to Terret.
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, following Lubin’s remarks, Consensys officially announced that the SEC 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 earlier reported by CNF, XRP has kicked off the week with a significant rise, defying the broader market where most coins slid further after a slow weekend. Even as Ripple continues to fight for a lower fine from the SEC, XRP trades at $0.4979, having surged by 1.41% in the past day and 2.16% in the past week.
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