It’s a promising day for cryptocurrencies as Bitcoin targets $98,000 once again. In the latest developments, the ZEC team received major news from the U.S. Securities and Exchange Commission (SEC). Under Trump’s administration, the SEC wrapped up several inquiries and lawsuits related to cryptocurrencies. Now, it seems the organization has acted in favor of ZEC Coin as well. This news is especially uplifting for ZEC, which faced challenges earlier this month due to a significant portion of its team resigning.
Breaking News for ZEC Coin
A recent announcement on the Zcash Foundation’s official website confirmed that the SEC has concluded its investigation. This decision indicates a reduction in the pressure previously exerted on privacy-focused altcoins. This favorable outcome provides ZEC with its first positive news this year, particularly after losing over 20 team members recently.
“On August 31, 2023, the Zcash Foundation received a subpoena from the U.S. SEC concerning a probe titled ‘Regarding Certain Crypto Asset Offerings (SF-04569).’
We are pleased to report that the SEC has concluded their review and informed us they will not pursue any sanctions or propose any changes against the Zcash Foundation regarding this matter. This outcome reflects our commitment to transparency and adherence to applicable regulatory requirements. The Zcash Foundation continues its focus on advancing financial infrastructure that protects privacy for the public good.” – Zcash Foundation
Following the announcement, ZEC experienced a surge of over 8%, successfully reclaiming the $435 support level. If it surpasses $474, ZEC might test the $555 mark.