Ethereum rebounds 1.80% after SEC reports 📃

Ethereum gains 1.80% today returning above $3,500 after the Securities and Exchange Commission (SEC) announced that it is ending its investigation into Ethereum.

The Securities and Exchange Commission (SEC) has concluded its investigation into Ethereum, the second-largest cryptocurrency, determining that it will not bring charges alleging that sales of ETH constitute securities transactions. Consensys, a prominent blockchain firm, received confirmation of this decision following their letter to the SEC, which requested clarification based on the recent approval of ETH ETFs, signaling Ethereum's status as a commodity. This development is seen as a significant win for Ethereum developers and industry participants.

Despite this positive outcome, Consensys remains engaged in a lawsuit against the SEC to further seek clarity on the regulatory status of its MetaMask Swaps and Staking services, arguing that these do not violate securities laws. The company's legal actions were initially prompted by a Wells Notice from the SEC, indicating potential enforcement against MetaMask. The conclusion of the SEC's investigation into Ethereum brings relief to blockchain companies, ensuring they will not face charges for unregistered securities offerings related to Ethereum, yet the broader regulatory uncertainty for the crypto industry persists.

Ethereum (D1)
The price of the second largest cryptocurrency is rebounding after the recent panic sell-off. However, the price still remains low. Interestingly, today we are seeing a rebound mainly on Ethereum and Altcoins, as the Bitcoin price gains just 0.20% above USD 65,000. 

Source: xStation 5