The US Securities and Exchange Commission (SEC) dismissed an investigation into the Zcash Foundation without recommending legal action or sanctions.
The regulator has notified organizations that this review will officially begin on August 31, 2023. concluded in a manner advantageous to the company We support the development of this digital currency with a focus on anonymity.
The original investigation is identified under the file “Certain Network Asset Provisioning Issues (SF-04569).” A subpoena to the Foundation was involved. To assess the possibility of fraud in the provision of assets.
However, according to an official statement from the organization, SEC does not intend to take enforcement action Nor can you request operational changes after analyzing the documents presented.
Emphasis on compliance and privacy
From the Zcash Foundation, this result is It reflects the company’s commitment to transparency and regulatory compliance.
“The Foundation remains committed to advancing infrastructure that protects privacy in the public interest,” the organization’s executives said.
Despite this deregulation, the Zcash ecosystem is going through a period of internal instability. This week, the Electric Coin Company (ECC) team responsible for technical development of the protocol announced a collective resignation, as reported by CriptoNoticias.
Josh Swihart, former CEO of ECC, reported a lack of coordination with the board of directors of its parent organization, Bootstrap. Swihart said the terms of employment had been changed to provide for “constructive dismissal.” This forced the technical team to suspend the mission.
Institutional conflicts contrast with positive resolution at SEC and impact future of Zcash technology development The organization is in a stage of uncertainty.
(Tag Translation) United States
