Ethereum and other altcoins jumped after the latest news around the US Securities and Exchange Commission (SEC)’s investigation into whether ETH is a security.
Lido DAO spiked double digits while Uniswap, Solana and Cardano also surged.
ETH spikes after Consensys vs. SEC news
Ethereum rose to highs of $3,586 on Wednesday morning as the market reacted to an announcement from Consensys that the US Securities and Exchange Commission (SEC) had ended its investigation into Ethereum 2.0.
Consensys wrote that Ethereum had “survived” SEC.
“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.”
According to the blockchain software company, the SEC’s decision to end the probe means that the regulator will not file charges related to ETH sales being securities transactions.
“The closing of the Ethereum investigation is momentous, but it’s not a cure-all for the many blockchain developers, technology providers, and industry participants who have suffered under SEC’s unlawful and aggressive crypto enforcement regime,” the firm added.
SEC approved Ether spot ETFs
Consensys sued the SEC in April after the regulator initiated an investigation into Ethereum 2.0. Reports indicated the SEC’s investigation started in March 2023.
However, the regulator went on to approve the spot Ethereum ETFs in May this year, with the development pointing to a shift in the agency’s outlook.
Today’s news comes a few days after Consensys wrote to the SEC over this.
On June 7, the company send a letter asking whether approving spot Ether ETFs meant that Ethereum is a commodity and that the agency would drop its investigation.
A reaction across the market saw other altcoins pump alongside ETH. Lido DAO rose more than 19%, while Solana, Cardano and Uniswap also traded higher, rising more than 4% each.
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