Zcash Foundation Investigation Closed: SEC | Crypto News
On Wednesday, the Zcash Foundation announced a important development relating to its ongoing operations: the US Securities and Exchange Commission (SEC) has concluded its investigation into the public charity.
This news has sparked a notable recovery in the price of the Zcash native token (ZEC), signalling renewed investor confidence, with trading quantity surging by 39% over the past 24 hours.
Zcash Foundation Cleared By SEC
The Zcash basis acquired a subpoena from the regulatory company back in August 31, 2023, as half of a broader inquiry titled “In the Matter of Certain Crypto Asset Offerings (SF-04569).”
After a thorough review, the Zcash Foundation was informed that the SEC doesn’t plan to advocate any enforcement actions or modifications pertaining to the group.
This comes amid important regulatory modifications in direction of digital belongings under the Trump administration, including the appointment of the pro-crypto Paul Atkins as chair of the SEC. Similar enforcement actions against corporations such as Uniswap (UNI), Coinbase (COIN) and Robinhood (HOOD) had been dropped last yr.
ZEC Price Surges Near $440
In their assertion, the inspiration expressed satisfaction with the result, emphasizing their dedication to transparency and adherence to regulatory requirements. They reiterated their focus on advancing financial infrastructure that preserves person privateness for the better good.
Following this announcement, ZEC skilled a sturdy increase of 12%, pushing its price to roughly $437.75 at the time of writing. This surge comes after the cryptocurrency had not too long ago dipped to a close to one-month low of $363 last Saturday, illustrating a important turnaround.
However, even with this current enhance, the Zcash token still has a long method to climb. The cryptocurrency stays 86% below its all-time high of over $3,191, according to CoinGecko data.
Featured image from DALL-E, chart from TradingView.com
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