The United States Securities and Exchange Commission (SEC) has made a significant move by announcing the end of its investigation into Ethereum's status as a security. This news has sent the Ethereum price surging, jumping 5% and nearing the $3,600 mark once again. In addition, a prominent Ethereum whale has made a substantial purchase of 5,603 ETH, worth $19.7 million, shortly after the SEC's announcement.

SEC Ends Investigation

The SEC has informed ConsenSys, a leading Ethereum software firm, that it is willing to close its investigation into Ethereum 2.0. This decision comes ahead of the approval of the much-awaited spot Ethereum ETF. ConsenSys had sought clarification from the SEC on whether the approval of the ETF would result in the closure of the ongoing investigation.

Ethereum's Regulatory Clarity

ConsenSys has expressed frustration over the need for a lawsuit to bring regulatory clarity for its user interface software, MetaMask Swaps and Staking. The company believes that clear guidelines are essential for the advancement of crypto technologies and innovations. The SEC has not yet charged ConsenSys regarding the MetaMask Wallet with swaps and staking features.

ETH Price Surge

The Ethereum price has bounced back strongly from its weekly lows of $3,381. A prominent whale has withdrawn a total of 16,604 ETH, valued at $58.6 million, from Binance in the past 19 days. The whale purchased the coins at an average value of $3,600. The whale's last actions were to accumulate 5,603 ETH, worth $19.7 million, shortly after the SEC announced the permanent suspension of the investigation into Ethereum.

The SEC's decision to end the investigation has brought a sense of relief to the Ethereum community, leading to a significant surge in the price of ETH. The whale's substantial purchase further supports the market's optimism, indicating that the cryptocurrency is poised for continued growth.