The foundation behind Zcash (ZEC) has announced that the U.S. Securities and Exchange Commission (SEC) will not pursue an enforcement action regarding the privacy coin, concluding an investigation that began in 2023.
In a notice issued on Wednesday, the Zcash Foundation stated that the SEC "concluded its review" concerning "a matter of certain crypto asset offerings." The foundation further reported that the SEC would not recommend enforcement actions or required changes. According to the foundation, this regulatory probe was initiated in August 2023 following the receipt of a subpoena from the SEC.
The foundation commented on the outcome, stating, "This outcome reflects our commitment to transparency and compliance with applicable regulatory requirements. Zcash Foundation remains focused on advancing privacy-preserving financial infrastructure for the public good."
Over the past year, under the current U.S. administration, the SEC has reportedly dropped several investigations and lawsuits against prominent crypto companies. This trend suggests a potential shift towards a more lenient approach to regulation and enforcement by the regulator.
Cointelegraph sought additional details from the foundation regarding the subpoena and the investigation. However, no response had been received at the time of publication.
This is a developing story, and further information will be added as it becomes available.