Finance

SEC Concludes Ethereum 2.0 Probe

Jun 19, 2024 1 min read

Jump to Summary

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into whether the Ether (ETH) token constitutes a security, a move seen as a significant win for Consensys Software Inc. The SEC's decision means it will not bring charges against the sales of ETH as securities transactions. This follows a request from Consensys for clarification after the SEC approved spot Ether exchange-traded funds (ETFs) in May, indicating that ETH tokens are classified as commodities rather than securities.

Consensys had previously filed a lawsuit against the SEC in April, alleging that the investigation initiated by Gurbir Grewal, Director of the Division of Enforcement, was an attempt to probe ether transactions. The company continues to seek a legal declaration that its products, such as MetaMask Swaps and Staking user interface software, are not in violation of securities laws. Following the SEC's announcement, the price of Ether rose above $3,500, a move celebrated within the crypto community as it alleviated concerns about potential securities law violations for ETH transfers.

#bitcoin #sec #ethereum #cryptocurrency #altcoins #tech #entrepreneur

Summary

Other news in finance

CoinDCX Acquires UAE's BitOasis for MENA Expansion

India's largest cryptocurrency exchange, CoinDCX, has acquired BitOasis, a leading digital asset platform in the Middle East and North Africa (MENA) region. The financial terms of the deal were not disclosed, but BitOasis investors will receive equity in CoinDCX. BitOasis, founded in 2016, has processed over $6 billion

Jeff Bezos to Sell $5 Billion in Amazon Shares Amid Record High

Jeff Bezos, founder and executive chair of Amazon, plans to sell 25 million shares valued at approximately $5 billion following a record high in the company's stock. The move was disclosed in a regulatory filing after market hours, with Amazon shares hitting an all-time high of $200.43.

Saks Owner to Acquire Neiman Marcus in $2.65B Deal with Amazon's Help

Saks Global, the parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based luxury retailer Neiman Marcus for $2.65 billion. The acquisition, approved by the boards of both companies, will see Amazon and Salesforce Inc. take minority stakes in the newly formed entity, which will retain the name

EU Approves Lufthansa's Conditional $350 Million ITA Deal

Lufthansa has secured EU antitrust approval to acquire a 41% stake in Italy's ITA Airways for 325 million euros ($350 million). The transaction, aimed at expanding Lufthansa's presence in the southern European market, comes with several conditions to address competition concerns. The German airline has agreed