The Zcash Foundation announced today that the U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the organization and will not recommend any enforcement action.
This marks the end of the probe that began with a subpoena on August 31.
According to the announcement, the SEC's decision shows the foundation's "commitment to transparency and compliance with applicable regulatory requirements."
It is worth noting that this investigation was kept secret for nearly 2.5 years. The public did not know the Zcash Foundation was under active investigation until today’s announcement that it had closed.
The perfect timing
This announcement could not have come at a better time. It serves as a much-needed catalyst for the bulls following the recent governance crisis.
As reported by U.Today, the entire Electric Coin Company (ECC) team resigned due to disputes with the Bootstrap board.
The closure of the investigation shows that one of the leading privacy coins is suffering decentralized, and there is no regulatory cloud of uncertainty hovering over it.
Dan Burgin
Alex Dovbnya
Denys Serhiichuk
Gamza Khanzadaev