The U.S. Securities and Exchange Commission has closed a years-long probe into the Zcash Foundation, the nonprofit said in a blog post Wednesday.
The foundation said it received a subpoena from the regulator in August 2023, “in connection with an inquiry designated ‘In the Matter of Certain Crypto Asset Offerings (SF-04569).'”
“We are pleased to announce that the SEC has concluded its review and informed us that it does not intend to recommend any enforcement action or other changes against Zcash Foundation regarding this matter,” the foundation said.
An SEC spokesperson said the agency “does not comment on the existence or nonexistence of a possible investigation.”
The decision comes amid a broader shift in the SEC’s approach to crypto under the Trump administration. Over the past year, the agency has dropped dozens of cases against major crypto firms, including Coinbase, and has ended probes into DeFi protocols and other industry players. That marks a departure from the Biden administration, which pursued a more aggressive enforcement strategy and brought many of those cases, including the review of the Zcash Foundation.
SEC Chair Paul Atkins has embarked on a new regulatory path for crypto, in part through undertaking “Project Crypto” to update the agency’s rules with a focus on onchain activity.
The foundation’s announcement follows some turmoil within the Zcash ecosystem over the past few weeks. On Jan. 8, The Block reported that the entire staff of the Electric Coin Company — the developer of Zcash — resigned after a structural dispute with its parent non-profit board Bootstrap.
In response, the Zcash Foundation said its commitments to the protocol “remain unchanged.”
“We recognize that moments of transition within the ecosystem can create uncertainty. However, at moments like this it is important to understand this distinction: distinguish between organizational shifts and the health of the network,” the foundation said in a Jan. 8 blog post. “The Zcash network is fundamentally independent of any single organization, board or corporate entity.”
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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