The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into the Zcash Foundation, the non-profit entity supporting the privacy-focused cryptocurrency Zcash (ZEC). The foundation announced it received a formal subpoena from the SEC on August 31, 2023, as part of an investigation labeled "Certain Crypto Asset Offerings (SF-04569)."
After a review period, the SEC informed the Zcash Foundation that it had completed its examination and does not intend to recommend any enforcement actions or further regulatory measures against the organization in this matter. The foundation attributed this favorable outcome to its commitment to transparency and adherence to regulatory requirements.
Following the announcement, the price of ZEC surged by more than 4%. The cryptocurrency, which reached an all-time high of $5,941 in 2016 during its early, supply-limited days, experienced immediate positive market sentiment upon the resolution of the regulatory uncertainty.
The Zcash Foundation stated that with the investigation now closed, it will refocus its efforts on its core mission: developing privacy-preserving financial infrastructure for the public good.
