Zcash Foundation Exonerated by SEC, Network Expands and Price Surges 12%
Autor: Mining Provider Editorial Staff
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Kategorie: News
Zusammenfassung: The SEC has cleared the Zcash Foundation of any enforcement actions, leading to a 12% price increase for Zcash; the foundation is also enhancing network reliability with new DNS seeders. Committed to transparency and privacy technologies, it continues to develop its protocol independently.
Zcash Foundation Cleared as SEC Drops Threats
The U.S. Securities and Exchange Commission (SEC) has completed its review of the Zcash Foundation and has decided not to pursue any enforcement actions or other charges against the organization. This conclusion comes after the SEC issued a subpoena on August 31, 2023, regarding an investigation into certain digital asset offerings by the Zcash Foundation.
The Zcash Foundation expressed that the outcome reflects its commitment to transparency and compliance with applicable regulatory requirements. Following the SEC's announcement, Zcash experienced a price increase of 12% within 24 hours, currently trading at $437. On-chain data indicates that the value of the digital asset has nearly doubled over the past three months, despite a general decline in digital asset prices in October.
"We are pleased to announce that the SEC has completed its review and informed us that they will not recommend any actions or changes against the Zcash Foundation." - Zcash Foundation
In conjunction with the SEC's announcement, the Zcash Foundation also revealed the expansion of its network infrastructure, having established five new DNS seeders in South Carolina, Oregon, Belgium, Germany, and Finland. This initiative aims to enhance the reliability and performance of the Zcash network, ensuring that wallets and nodes can find peers even during outages.
The Zcash Foundation currently operates six of its own seeders, with one located in Iowa. The organization noted that the previous DNS server operated by Electric Coin Company (ECC) became unreachable on January 8, leading to slower startup times for new Zcash users. The addition of multiple DNS seeders at various geographical locations is expected to improve reliability and reduce startup times for wallets and nodes.
Focus on Privacy-Enhancing Technologies
Following recent resignations at Electric Coin Company, the Zcash Foundation reaffirmed its commitment to developing a privacy-friendly financial infrastructure for the public good. The organization emphasized that no single contributor, team, or organization controls Zcash, as the source code is open source. The consensus rules of Zcash are enforced globally by independent entities.
The Zcash Foundation stated that its structure ensures that changes within the organization do not compromise the integrity and continuity of the Zcash blockchain. The network continues to function normally, producing blocks, processing transactions, and ensuring the security of users' funds and privacy.
Furthermore, the foundation is focused on maintaining and developing the Zcash protocol while funding independent development projects. The organization advocates for decentralization in governance and is committed to promoting privacy within the protocol.
In summary, the Zcash Foundation is dedicated to transparency, continuity, and collaboration with all ecosystem participants, promising to act in the best long-term interests of the Zcash network and community.
Key Takeaways:
- The SEC will not pursue any actions against the Zcash Foundation.
- Zcash's price has increased by 12% following the SEC's announcement.
- The foundation has established five new DNS seeders to enhance network reliability.
- The organization remains committed to developing privacy-friendly technologies.
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