ETH Price Rises 5% as SEC Ends Ethereum Investigation and Whale Activity Increases

Just before approving the highly anticipated Ethereum Spot ETF, the US SEC has an interesting surprise for the Ethereum community. According to the latest report, the United States Securities and Exchange Commission (SEC) has informed ConsenSys that the regulator is ready to end the investigation into the status of Ethereum as a security. Shortly after the development, Ethereum (ETH) price saw a healthy rebound, jumping 5% and approaching $3,600 levels again. An Ethereum whale also purchased 5,603 ETH shortly after the news.

SEC to end investigation into Ethereum

As announced by ConsenSys, the company has contacted the SEC regarding the status of its investigation into Ethereum 2.0. Additionally, in a letter sent earlier this month, CensenSys requested clarification from the SEC on whether approval of the Ethereum Spot ETF

would result in the closure of their ongoing investigation.

ConsenSys has assured that it will continue its legal battle for more regulatory clarity regarding its user interface software, MetaMask Swaps and Staking. As part of the lawsuit, ConsenSys requested a declaration stating that offering these features in no way violates securities laws.

Software company Ethereum also Express frustration that legal action is essential to providing the regulatory clarity essential to the development of the industry. ConsenSys said clear guidelines are essential for the advancement of cryptographic technologies and innovations.

Following the Wells notice, the US SEC has yet to charge ConsenSys regarding the MetaMask wallet with swap and staking features. ConsenSys made the Wells notice public in April, indicating that it could face charges in the coming days and weeks.

ETH Price Rise Coming

Since its weekly low of $3,381, the Ethereum Price rebounded strongly. While the ICO whale has been Ethereum dumping Recently, other big players have joined in to pick up the stock market offering.

According to on-chain data provider Santiment, a prominent whale withdrew a total of 16,604 ETH, worth $58.6 million, from crypto exchange Binance over the past 19 days. The ETH whale reportedly purchased the coins for an average value of $3,600.

Interestingly, the whale purchased an additional 5,603 ETH, worth $19.7 million, an hour later the SEC announced the permanent suspension of the investigation into Ethereum.

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