The U.S. Securities and Exchange Commission has formally ended its yearlong investigation into the Zcash Foundation and will not recommend any enforcement action against the privacy-focused nonprofit, executives say.
The foundation announced the conclusion of the investigation in a message published on its website on Wednesday.
The investigation began in August 2023 after the foundation received a subpoena from the SEC related to an internal matter titled “In the Matter of Certain Crypto Asset Offerings (SF-04569).”
More than two years later, the regulator informed the foundation that the investigation had been completed and that it did not intend to impose rates or require changes.
In its statement, the Zcash Foundation said that recent organizational changes do not reflect the underlying state of the Zcash network and emphasized that the protocol operates independently of any single entity.
The foundation said in a January 8 blog post:
“We recognize that moments of transition within the ecosystem can create uncertainty. However, at moments like these it is important to understand this distinction: distinguishing between organizational shifts and the health of the network.”
“The Zcash network is fundamentally independent of any organization, board or corporate entity.”
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