SEC closes case against Zcash Foundation; reflects policy shift under Trump.
The United States Securities and Exchange Commission (SEC) has closed its case against the non-profit Zcash Foundation, the entity behind the development of the privacy-focused cryptocurrency.
“We are pleased to announce that the SEC has concluded its review and officially informed us that it sees no grounds for enforcement actions or any sanctions against the Zcash Foundation,” representatives of the organization noted.
The foundation received a subpoena in August 2023 as part of a broad investigation into “certain cryptocurrency offerings.”
The SEC’s decision reflects a shift in policy under the administration of U.S. President Donald Trump. Over the past year, the agency has closed dozens of cases against major crypto companies such as Coinbase and Ripple, and has also halted investigations into several DeFi protocols.
In the past 24 hours, the price of ZEC has risen by 3.7%. At the time of writing, the asset is trading at around $432.
The news of the case closure comes amid a corporate conflict within Zcash. In early January, the team at Electric Coin Company (ECC), the primary developer of the cryptocurrency, left the company en masse.
The incident impacted the asset’s prices, allowing Monero to regain its lead in the privacy coin sector.
Algorand Foundation has announced its relocation to the United States with a revamped board of directors. Previously, the organization operated out of Singapore.
“We are doubling down where blockchain can bring the most benefit: instant global payments, expanding access to financial products, and enhancing economic resilience,” stated CEO Stacey Warden.
The foundation will also establish an ecosystem advisory board, which will include stakers, developers, and other Algorand network participants.
In mid-December, Jito Foundation also announced its return to the United States. Its CEO, Lucas Bruder, explained the decision as a “180-degree turn” in the country’s stance towards the crypto industry following Trump’s inauguration.
