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An incredible event occurred in the market recently. In the last days of the cryptocurrency crash, there was a lack of positive news in the market. The drop in Bitcoin prices also affected altcoins, including Ethereum. The news that emerged recently closely concerned Ethereum and a legal process.
Latest Situation in the SEC and Ethereum Dilemma
In a statement made by Consensys on Wednesday, it was noted that the SEC had ceased monitoring the legal process regarding whether ETH is a security. The developer team shared a post on June 19. The post was as follows:
The SEC’s Enforcement Division informed us that it has closed its investigation into Ethereum 2.0. This means the SEC will not bring charges alleging that ETH sales are securities transactions.
The team described this as a significant victory for Ethereum developers, technology providers, and industry participants in general.
Following this, the SEC did not provide any comments when asked for a statement on the matter. In March, the SEC launched a campaign calling for Ethereum to be considered a security. In response, Consensys filed a lawsuit against the SEC in April, claiming that the regulatory body was attempting to seize control over the future of the cryptocurrency.
What Is the Current Price of Ethereum?
During all these events, attention was also on the Ethereum price. On May 23, an important event occurred. The SEC gave its first approval for spot Ethereum ETFs, moving to the approval stage of S-1 forms, which are rumored to be approved in July.
During this process, the Ethereum price rose from around $2,900 to the $3,900 region but failed to surpass $4,000. Following these events and the market decline, the ETH price pulled back further.
As of today, the Ethereum price is trading at $3,580 after a 4% increase in the last 24 hours. Following the price recovery, the market cap rose to $438 billion. On the other hand, the trading volume decreased by 6.03% to $19.4 billion.
