The SEC will drop the investigation into Ethereum!

The SEC, meaning the US Securities and Exchange Commission, recently announced that it is dropping its investigation into whether ether (ETH) is a security. The SEC said in an ex post that this means the SEC will not bring any charges in this matter. And they also announced to stay ETH's sale securities transaction, which the firm hailed as a "big win for Ethereum developers, technology providers and industry participants".

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The SEC's decision came after it sent a letter to the agency late in the first week of this month. That decision asked that it end its investigation into Ether as a regulator-approved spot ETH exchange-traded fund (ETF) in May. And he was supposed to check whether it was valid. However the latest that the firm said proved to be ETH is a commodity. However, the SEC later responded by saying that the agency did not intend to recommend an enforcement action.

We now know from earlier this year that Discuss Tropics was the spot bitcoin ETF approved by the US Securities and Exchange Commission earlier in the year. Then came the discussion on spot ethereum ETF approval. However last March, Fortune reported that the SEC had issued subpoenas to multiple companies. And the issuance of such subpoenas was related to efforts to label ETH as a security. The Metamask crypto wallet is believed to be in violation of securities laws and is therefore subject to a Wells notice from the agency. And shortly after receiving that notice, Consensus filed a lawsuit against the SEC in April.

The case was brought against the US and Exchange Commission. There are claims that the US Securities and Exchange Commission and its chair Gary Gensler have believed ETH to be a security since at least last year. Even the head of the US Securities and Exchange Commission's SEC Division of Enforcement approved a formal order to investigate ether's status as a security early last year. However, the case is still ongoing.