Ether (
ETH
) has surged past $3,500 once again following news from Consensys that the United States Securities and Exchange Commission (SEC) is wrapping up its investigation into whether ETH qualifies as a security.
ETH was trading at $3,493 until Consensys announced on June 19 that the SEC is closing its investigation, a move that has been hailed as significant within the crypto community. “The Enforcement Division of the SEC has informed us that it is concluding its inquiry into Ethereum 2.0,” Consensys stated.
In a matter of minutes, Ether saw a 1.4% increase to reach $3,541, surpassing the important $3,500 milestone, as per CoinMarketCap data. Currently, Ether is trading at $3,531.
The $3,500 level has been pivotal for traders, serving as both a resistance and support level in recent weeks. The positive reaction to Consensys’ announcement indicates a boost in investor confidence, potentially alleviating concerns about potential securities violations related to ETH transfers on the network.
Consensys emphasized that the SEC will not be pressing charges alleging that ETH sales are securities transactions, leading to widespread celebration among crypto enthusiasts. “This is a significant victory for Ethereum,” expressed Tom Shaughnessy, a founding partner at Delphi Ventures. Christopher Perkins, president of CoinFund, added that it marks a major milestone for the Ethereum ecosystem as it navigates new regulatory territory.
Following the news, Ether whales demonstrated confidence, with Lookonchain reporting a whale purchasing 5,603 ETH valued at approximately $19.6 million.
This development comes shortly after the SEC approved spot Ether exchange-traded funds (ETFs) in the U.S., with expectations that the final stage for trading approval is progressing smoothly. SEC Chair Gary Gensler anticipates approving the filings “sometime over the course of this summer.”
Disclaimer: This article does not provide investment advice. All investment decisions carry risks, and readers are encouraged to conduct their own research before making any financial decisions.