Zcash Foundation Investigation Closed: SEC Decision Sparks 12% Jump In ZEC Price
On Wednesday, the Zcash Foundation announced a significant development regarding 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 volume surging by 39% over the past 24 hours.
Zcash Foundation Cleared By SEC
The Zcash foundation received a subpoena from the regulatory agency back in August 31, 2023, as part 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 does not plan to recommend any enforcement actions or changes pertaining to the organization.
This comes amid significant regulatory changes towards digital assets under the Trump administration, including the appointment of the pro-crypto Paul Atkins as chair of the SEC. Similar enforcement actions against firms such as Uniswap (UNI), Coinbase (COIN) and Robinhood (HOOD) were dropped last year.
ZEC Price Surges Near $440
In their statement, the foundation expressed satisfaction with the outcome, emphasizing their commitment to transparency and adherence to regulatory standards. They reiterated their focus on advancing financial infrastructure that preserves user privacy for the greater good.
Following this announcement, ZEC experienced a robust increase of 12%, pushing its price to approximately $437.75 at the time of writing. This surge comes after the cryptocurrency had recently dipped to a near one-month low of $363 last Saturday, illustrating a significant turnaround.
However, even with this recent boost, the Zcash token still has a long way to climb. The cryptocurrency remains 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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