Joseph Lubin, the founder of Consensys, has said that they will continue to pursue a legal course of action against the US Securities & Exchange Commission. This comes a few days after Consensys announced that the Commission has decided to drop its investigation into Ethereum 2.0. In this way, it will indicate that it will no longer seek to categorize Ether as a security. The company is pursuing the agency in order to obtain a greater degree of legal certainty regarding the Ethereum ($ETH) offering.
Lubin has stated that the recent development against the SEC was necessary, but it was not sufficient for the market to settle. It is essential to request additional clarification as they proceed with Ether. Additionally, there is a possibility that the Commission will shortly approve the Spot Ether ETF. Therefore, investors and traders will need to develop a more comprehensive comprehension of the token’s legal and regulatory framework to begin marking accumulation.
Joseph has said that they are hopeful that the investor protection strategy will evolve with time, rising above the current guerilla tactics.
Nevertheless, the recent development between Consensys and the SEC is considered a major win, as it indicates that the Commission will no longer accuse Ethereum of being securities and categorize its transactions as security transactions.
Gurbir Grewal, the Director of the Division of Enforcement at the SEC, allegedly approved the investigation into Ethereum 2.0, according to the lawsuit’s initial April filing. The closure of the investigation into Ethereum 2.0 had only recently come to light. It went on to fuel bullish sentiments for the future of ETH. The token is currently valued at $3,606.53, up by 1.89% in the last 24 hours. There is an upswing on the horizon, provided it sustains the rising trend on the price charts. An early resistance level has been marked at $3,600.
There is a notable decline in the 24-hour trading volume, but the market cap has gone up by 1.85% at press time. The token’s near-term prospects do not necessarily indicate a substantial victory, except the possibility that the SEC may indicate the approval of the final registration forms. The highest monthly gain at the moment is 2.50%, which is expected to take the value to $3,657.75 amid 2.94% volatility.
Prevailing sentiments are neutral.
Gurbir’s approval reportedly aimed to examine individuals and entities who were buying and selling the token. It is safe to conclude that the idea was to avoid probable money laundering cases. He approved the investigation on March 28, 2023, triggering an immediate reaction from the market.
The current development is consistent with the previous announcement, wherein the company responded to dropping the investigation by saying that more clarity is still needed.