The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the Zcash Foundation, an organization closely associated with the privacy-focused cryptocurrency project Zcash.
The Zcash Foundation initially disclosed receiving a formal subpoena from the SEC on August 31, 2023. This subpoena was part of an investigation identified as “Certain Crypto Asset Offerings (SF-04569).”
Following this period, the SEC has informed the Zcash Foundation that its review is complete and that the agency does not intend to recommend any sanctions or further regulatory actions against the foundation in this particular case. This outcome is attributed by the foundation to its commitment to transparency and adherence to relevant regulatory requirements.
With the closure of this SEC investigation, the Zcash Foundation stated its intention to continue its ongoing work. The foundation is dedicated to developing privacy-protected financial infrastructure for the public good.
Following this news, the price of Zcash (ZEC) saw an increase of more than 4%. ZEC previously reached its all-time high of $5,941 in 2016, a period characterized by its limited supply.