Zcash Foundation Announces SEC Concludes Probe Without Taking Enforcement Steps

SEC Closes Investigation Into Zcash Foundation With No Action Taken

The Zcash Foundation announced on Wednesday that the U.S. Securities and Exchange Commission has concluded its investigation into the nonprofit, opting not to pursue any enforcement measures.

According to a recent blog post from the Virginia-based group, the SEC initiated a review in August 2023 concerning the organization’s involvement with digital asset offerings. At that time, the regulatory body was under the leadership of former chair Gary Gensler, who is known for his critical stance on cryptocurrencies.

The Foundation emphasized that the decision not to recommend charges highlights its dedication to operating transparently and adhering to all relevant regulations. The existence of this investigation had not been previously disclosed to the public.

Looking ahead, the organization reaffirmed its mission to promote privacy-focused financial technology for the benefit of society, while continuing to guide the development of the Zcash protocol.

As reported by CoinGecko, Zcash was trading near $437, marking a 12% rise in the past 24 hours. Even as the broader crypto market remains subdued after Bitcoin’s latest peak above $126,000 in October, Zcash’s value has nearly doubled over the last quarter.