The U.S. Securities and Exchange Commission has officially ended its years-long investigation into the Zcash Foundation and will not recommend any enforcement action against the privacy-focused nonprofit, its leaders say.
The foundation announced the conclusion of the review in a notice posted on its website Wednesday.
The investigation began in August 2023 after the foundation received a subpoena from the SEC related to an internal matter titled “In the Matter of Certain Crypto Asset Offerings (SF-04569).
More than two years later, the regulator informed the foundation that the review had concluded and that it did not intend to pursue charges or require changes.
In its statement, the Zcash Foundation claims that recent organizational changes do not reflect the underlying state of the Zcash network and emphasizes that the protocol operates independently of any entity.
The foundation said in a January 8 blog post:
“We recognize that moments of transition within the ecosystem can create uncertainty. However, in times like this, it is important to understand this distinction: distinguishing between organizational changes and network health.”
“The Zcash network is fundamentally independent of any organization, board of directors or legal entity.”
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