The investigation into Zcash, launched with an SEC subpoena over a “matter of certain crypto asset offerings,” ended this week, according to the foundation.
The foundation behind Zcash (ZEC) said that the US Securities and Exchange Commission (SEC) will not pursue an enforcement action into the privacy coin after the end of an investigation launched in 2023.
In a Wednesday notice, the Zcash Foundation said the SEC “concluded its review” over a “matter of certain crypto asset offerings” and would not recommend enforcement actions or changes. According to the foundation, the regulatory probe started in August 2023 after it received a subpoena from the SEC.
“This outcome reflects our commitment to transparency and compliance with applicable regulatory requirements,” said the foundation. “Zcash Foundation remains focused on advancing privacy-preserving financial infrastructure for the public good.”
Over the past year under US President Donald Trump, the SEC has dropped several investigations and lawsuits into several high-profile crypto companies, signaling that the regulator would be softening on regulation and enforcement under the current administration.
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Cointelegraph reached out to the foundation for additional details on the subpoena and investigation, but had not received a response at the time of publication.
Legislation affecting regulatory framework of US financial regulators to be considered in Senate
On Thursday, the US Senate Banking Committee will hold a markup for a bill aimed at clearly defining how the SEC and Commodity Futures Trading Commission (CFTC) will regulate digital assets.
The legislation, called the CLARITY Act — or Responsible Financial Innovation Act, as committee drafts have showed built upon the other bill — is expected to be one of the most comprehensive laws affecting the crypto industry.
The Senate Agriculture Committee is also scheduled to hold a markup on its version of the bill on Jan. 27. Both Committees will likely need to agree to advance the legislation before the Senate can hold a floor vote on a final bill.
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