Ethereum has risen by over 4% today, reclaiming the $3,500 mark, following significant news from the SEC.

According to on-chain reports, after @Consensys announced on X (formerly Twitter) that the SEC had closed its investigation into Ethereum 2.0, a whale purchased an additional 5,603 $ETH, valued at $19.6 million.

This whale has been actively accumulating Ethereum, having withdrawn a total of 16,604 $ETH (approximately $59 million) from Binance at an average price of $3,600 since May 30. The recent purchase underscores a growing confidence among large investors in the future of Ethereum.

Ethereum Case With The SEC Closed

The decision by the SEC’s Enforcement Division to close its investigation into Ethereum 2.0 is a significant victory for Ethereum developers, technology providers, and industry participants. This closure means the SEC will not bring charges alleging that the sales of ETH are securities transactions, alleviating regulatory uncertainty that has loomed over the cryptocurrency.

The news has buoyed market sentiment, contributing to Ethereum’s price surge. The clarification from the SEC provides a more stable regulatory environment for Ethereum, encouraging further investment and development within the ecosystem.

As Ethereum continues to evolve, the resolution of this investigation removes a significant hurdle, potentially paving the way for increased adoption and innovation. Market participants are now watching closely to see how this regulatory clarity will impact the broader cryptocurrency landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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