The Securities and Exchange Commission (SEC) has made a significant move by closing its investigation into Ethereum 2.0. This decision comes after Consensys, a leading Ethereum developer, sent a letter to the SEC confirming that the recent approval of an Ether ETF (Exchange-Traded Fund) based on ether being a commodity meant that the agency would end its investigation.

The Ethereum community celebrated this news, but the XRP community reacted with frustration. They believe the SEC has shown bias in its treatment of different cryptocurrencies. Consensys had previously sued the SEC to defend the Ethereum ecosystem, arguing that the agency lacks jurisdiction to investigate or regulate ether because it is a commodity.

The XRP community has been vocal about the unfair treatment they have received from the SEC. Bill Morgan, a prominent figure in the XRP community, pointed out that Ethereum received a second chance from the SEC nearly six years after a speech by William Hinman, which clarified that Ethereum is not a security. Morgan also highlighted the SEC's arbitrary approach to crypto regulations, citing the different treatment of different cryptocurrencies.

Another critic of the SEC's actions is @digitalassetby, a pseudonymous analyst. He noted that Ripple has spent over $100 million dealing with the SEC's regulatory issues over the years, while Ethereum has not faced similar challenges. The SEC's recent filing, which suggested a lower penalty than initially proposed, has also sparked controversy.

The closure of the SEC's investigation into Ethereum 2.0 has fueled speculation about the upcoming approval of an ETH ETF. The SEC cannot approve the public trading of a company it is investigating. Ethereum's price has increased by 2.78% and is currently trading at $3,544. Interestingly, a large investor who had withdrawn over 16,000 ETH in the past 19 days purchased 5,603 ETH worth $19.7 million shortly after the SEC announced its suspension of the Ethereum investigation.