Crypto: SEC drops its lawsuit against the Zcash Foundation!

The SEC closed its investigation into the Zcash Foundation without filing charges. Indeed, the investigation, opened in 2023, focused on certain crypto offers. This decision temporarily eases the regulatory pressure that weighed on Zcash, a project often criticized for its use of technologies preserving the anonymity of transactions. In a context where privacy coins are regularly in the sights of the authorities, the abandonment of the investigation marks a notable turning point.

An investigation dismissed by the SEC

The Zcash Foundation announced that it had been cleared by the Securities and Exchange Commission (SEC) following an investigation opened in August 2023, which focused on certain of its activities linked to crypto offerings, while developer activity continues to fall.

In a press release published on Wednesday, January 10, 2026, the foundation declares that the regulatory authority has concluded its review and will not recommend any enforcement action, i.e. no legal action or sanctions.

This investigation was initiated following a subpoena received by the foundation in the summer of 2023. The Zcash Foundation welcomes this outcome, which it presents as the fruit of its commitment to transparency and compliance with applicable regulatory requirements.

Here is the main elements known at this stage:

• August 2023: Zcash Foundation receives subpoena from SEC as part of investigation into certain crypto offerings;

• The subject of the investigation: it is not publicly specified, but linked to questions of compliance surrounding possible unregistered offers;

• January 10, 2026: the foundation announces the end of the investigation, without prosecution or recommendations for action from the SEC;

• The official statement highlights the foundation's commitment to privacy-friendly financial infrastructure for the common good.

Despite the absence of information on the precise on-chain data examined by the SEC, this decision represents a relief for the Zcash ecosystem, often in the sights of regulators due to its privacy-focused model.

The posture adopted by the foundation in its communication, sober, institutional, and focused on conformity, suggests a desire for appeasement with regard to the authorities. This could also serve as a benchmark for other crypto projects facing similar regulatory risks.

Towards a more flexible regulatory climate in the United States?

The SEC's decision not to pursue Zcash is part of an overall dynamic observed in recent months in the United States: an apparent decline in the federal agency's coercive actions against several crypto projects.

Under the current administration, which succeeds that of Joe Biden, the SEC seems to be beginning a change of posture, moving away from an aggressive regulatory strategy that has marked recent years. This turning point, although partial, could be significant for privacy-focused tokens, long seen as potential targets for non-compliance.

In parallel with these decisions, the American Congress is working on a legal restructuring of the regulatory framework, including the examination of the CLARITY Act. This text aims to clarify the respective powers of the SEC and the Commodity Futures Trading Commission (CFTC) in the supervision of cryptos.

The Agriculture Commission must also examine an alternative version of the project on January 27. The stated objective is to overcome the current ambiguity and provide more stable benchmarks for ecosystem players.

Zcash is faltering under the weight of increased surveillance, but has so far escaped sanctions. The SEC's decision temporarily suspends the threat, without dispelling doubts. For confidentiality stakeholders, this outcome highlights an ambivalent reality: tolerance exists, but it remains fragile, depending on political balances and the shifting lines of the law.