The Merge is complete. A massive and long-anticipated software update to the Ethereum blockchain, the Merge went into effect on Thursday, Sept. 15. Its implications are far reaching. The Ethereum blockchain is a pillar of the cryptocurrency environment—its native token, ether (ETH), represents the second-largest cryptocurrency by market capitalization. This article provides an explanation of the Merge, an overview of why it matters and insight on how regulators might respond.