Zcash Foundation Investigation Closed: SEC Decision Sparks 12% Jump In ZEC Price

On Wednesday, the Zcash Foundation introduced a big growth concerning its ongoing operations: the US Securities and Exchange Commission (SEC) has concluded its investigation into the general public charity. 

This information has sparked a notable restoration within the worth of the Zcash native token (ZEC), signalling renewed investor confidence, with buying and selling quantity surging by 39% over the previous 24 hours.

Zcash Foundation Cleared By SEC

The Zcash basis acquired a subpoena from the regulatory company again in August 31, 2023, as a part of a broader inquiry titled “In the Matter of Certain Crypto Asset Offerings (SF-04569).” 

After an intensive overview, the Zcash Foundation was knowledgeable that the SEC doesn’t plan to advocate any enforcement actions or modifications pertaining to the group. 

This comes amid vital regulatory modifications in the direction of digital belongings below the Trump administration, together with the appointment of the pro-crypto Paul Atkins as chair of the SEC. Similar enforcement actions towards corporations akin to Uniswap (UNI), Coinbase (COIN) and Robinhood (HOOD) have been dropped final yr.  

ZEC Price Surges Near $440

In their statement, the inspiration expressed satisfaction with the end result, emphasizing their dedication to transparency and adherence to regulatory requirements. They reiterated their give attention to advancing monetary infrastructure that preserves person privateness for the larger good.

Following this announcement, ZEC skilled a sturdy enhance of 12%, pushing its worth to roughly $437.75 on 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 final Saturday, illustrating a big turnaround. 

However, even with this current increase, the Zcash token nonetheless has a protracted approach to climb. The cryptocurrency stays 86% beneath its all-time high of over $3,191, in line with CoinGecko data.

Featured picture from DALL-E, chart from TradingView.com