The U.S. Securities and Exchange Commission has formally ended its years-long 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 review in a notice published Wednesday on its website.
The inquiry began in August 2023 after the foundation received an SEC subpoena tied to an internal matter titled “In the Matter of Certain Crypto Asset Offerings (SF-04569).”
More than two years later the regulator notified the foundation that the review is complete and that it does not intend to pursue charges or demand changes.
In its statement the Zcash Foundation says recent organizational changes do not reflect the underlying condition of the Zcash network and stresses that the protocol operates independently of any single entity.
The foundation said in a Jan. 8 blog post,
“We recognize that moments of transition within the ecosystem can create uncertainty. However, at moments like this it is important to understand this distinction: distinguish between organizational shifts and the health of the network.”
“The Zcash network is fundamentally independent of any single organization, board or corporate entity.”
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