The United States Securities and Exchange Commission is dropping its investigation into whether Ether ( ETH ) is a security, Ethereum developer Consensys said Wednesday.

“The Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0,” the firm said in a June 19 X post .

“This means that the SEC will not bring charges alleging that sales of ETH are securities transactions,” which it hailed as a “major win for Ethereum developers, technology providers, and industry participants.”

SEC to drop investigation into Ethereum: Consensys image 0 Source: Consensys

The SEC did not immediately respond to a request for comment.

Related: SEC chair sees spot Ether ETF S-1 approvals sometime in summer 2024

In March, Fortune reported the SEC issued subpoenas to multiple companies which was related to attempts to label ETH as a security.

Consensys sued the SEC in April, alleging the regulator planned “to seize control over the future of cryptocurrency,” which it said was still on in its latest post.

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