The token rose 3.6% on Wednesday before easing slightly to $3,562. This growth has had a positive impact on Bitcoin, as well as some of its smaller rivals, the Ethereum blockchain coin, which is the main cryptocurrency-based financial services network. The US Securities and Exchange Commission’s (SEC) investigation into an Ethereum fund has created uncertainty about whether Ether is an unregistered security, which could lower Ethereum developer Consensys in a filing on X, which the SEC has closed its investigation into Ethereum 2.0. This decision was made in a letter dated June 7, in which Agreement asked the SEC to confirm that the May approvals of ETH-based ETFs signified the closure of the investigation.
The Securities and Exchange Commission did not comment on Consensys’ claims because the request was filed after business hours. In April, Consensys sued the SEC to prevent it from regulating Ethereum Last month, the agency approved proposals by Cboe Global Markets Inc., Nasdaq and the New York Stock Exchange to list ETFs that invest directly in Ether- to whom
Additional approvals are needed before companies such as BlackRock Inc. and Fidelity Investments will be able to bring these products to market The SEC says most tokens are unregistered securities that are subject to oversight, although bitcoin is treated as a commodity. However, SEC Chairman Gary Gensler was unclear about Ether’s status. Crypto enthusiasts fear that the Ethereum-based token and projects could fall under the agency’s strict rules.