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Gate Square New & Returning Creator Rewards are ongoing!
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SEC Officially Concludes Investigation into Zcash Foundation – ZEC Price Surges
Source: CryptoNewsNet Original Title: BREAKING: SEC Officially Concludes Investigation into an Altcoin – Price Surges Original Link: The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the Zcash Foundation, which was linked to the privacy-focused cryptocurrency project Zcash.
According to a statement by the Zcash Foundation, the organization received a formal subpoena from the SEC on August 31, 2023, as part of an investigation titled “Certain Crypto Asset Offerings (SF-04569).”
Following the intervening period, the SEC informed the agency that it had completed its review and did not intend to recommend any sanctions or additional regulatory action against the Zcash Foundation in this case. The statement indicated that this outcome reflects the foundation’s approach to transparency and compliance with applicable regulatory requirements.
The graph shows the price change of ZEC following the development.
The Zcash Foundation stated that with the closure of the investigation, it will continue to focus on its work to develop privacy-protected financial infrastructure for the public good.
ZEC price gained more than 4% following the development. ZEC had reached its all-time high of $5,941 in 2016, during a period when its supply was very limited.