The inquiry stemmed from a subpoena issued to the foundation on Aug. 31, 2023, under an SEC matter titled “In the Matter of Certain Crypto Asset Offerings (SF-04569).” The regulator did not publicly disclose specific allegations tied to the investigation, which remained open for more than two years.

According to the foundation’s update on the matter, the SEC informed it that the agency does not intend to recommend enforcement action or require operational changes. The foundation said it cooperated fully with the inquiry and provided the requested documentation throughout the review process.

In a public statement, the organization said the outcome reflects its commitment to transparency and compliance with applicable regulatory requirements. The foundation added that it remains focused on advancing privacy-preserving financial infrastructure in the public interest.

The Zcash Foundation supports development of the Zcash protocol, which launched in 2016 and uses zero-knowledge proofs known as zk-SNARKs to enable shielded transactions. Zcash’s privacy features have historically drawn regulatory attention due to concerns about potential misuse, though supporters frame the technology as a tool for financial privacy.

The foundation shared the announcement on its website and social media channels, confirming that the matter has been formally closed. It emphasized that no penalties were imposed and no findings of wrongdoing were made as part of the SEC’s conclusion.

Following the disclosure, the price of ZEC, the network’s native token, rose about 12% in the hours after the announcement, according to market data cited by the foundation’s statement. The move removed what market participants had described as a regulatory overhang tied to the ongoing inquiry.

Also read: US Stocks Slide as Crypto Sector and Precious Metals Run Hot

The SEC’s decision applies specifically to the Zcash Foundation and does not constitute a broader regulatory determination covering all privacy-focused digital assets or ecosystem participants. Privacy coins continue to face varying regulatory treatment globally, including exchange delistings in some jurisdictions.

While the agency has pursued enforcement actions against several crypto firms in recent years, this inquiry concluded without litigation or settlement. The foundation characterized the outcome as a resolution that allows it to continue its work without pending regulatory uncertainty.

• What did the SEC decide regarding the Zcash Foundation?
  The SEC ended its investigation and said it would not recommend enforcement action.
• When did the SEC investigation begin?
  The inquiry began with a subpoena issued on Aug. 31, 2023.
• Were any penalties or changes imposed on the foundation?
  No penalties, operational changes, or findings of wrongdoing were imposed.
• Does this decision apply to all privacy coins?
  No, the outcome applies only to the Zcash Foundation and not the broader privacy-coin sector.

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