BlockBeats news: On January 15, the Zcash Foundation announced on Wednesday that the U.S. Securities and Exchange Commission (SEC) has officially concluded its multi-year investigation into the organization, clearly stating that it does not plan to take any enforcement actions or request rectifications.
The foundation disclosed that it had received a subpoena from the SEC in August 2023, related to an investigation titled "In the Matter of Certain Crypto Asset Offerings." Currently, the SEC has completed its review and closed the case. A spokesperson for the SEC responded by stating that the regulator "does not comment on whether investigations are ongoing."
This case closure occurs against the backdrop of a shift in the SEC's regulatory stance toward cryptocurrency. During the Trump administration, the SEC has withdrawn or terminated enforcement actions or investigations against multiple crypto entities over the past year, including Coinbase and several DeFi projects. This approach is clearly different from the more aggressive "regulation through enforcement" strategy that characterized the Biden administration.
Current SEC Chair Gary Gensler is advancing the update of cryptocurrency regulatory rules through "Project Crypto," with a focus on on-chain activities and technological realities.
It is worth noting that the Zcash ecosystem has recently experienced turbulence. On January 8, all employees of the core development team at Electric Coin Company resigned due to structural disagreements with the board of their parent organization. In response, the Zcash Foundation emphasized that its commitment to the protocol remains unchanged, and pointed out that the Zcash network is independent of any single organization or entity. Organizational changes within the ecosystem do not equate to a decline in the health of the network itself.