SEC Ditches Zcash Probe, ZEC Price Soars to Six-Month High

The Zcash Foundation announced on May 20 that the SEC had closed its investigation into the organization without recommending any enforcement action, fines, or regulatory changes. The agency's decision marked a significant milestone for the project, which has been under scrutiny since 2023. As a result of this development, the price of ZEC surged to a six-month high on May 20, reaching $646.80 and rising more than 12% in a single day.

The rally comes as part of a broader cryptocurrency market recovery, with Bitcoin's price edging up 0.85% to around $77,400 and Ethereum's price moving 1% higher to over $2,100. ZEC has been the top performer among crypto majors in weekly gains, rising over 20% in the last seven days.

The Zcash Foundation reported holding approximately $36.7 million in liquid assets at the end of the first quarter and spent the period advancing technical and governance initiatives while preparing for Network Upgrade 7.