Yesterday blockchain development firm Consensys filed a Texas lawsuit against the Securities and Exchange Commission (SEC) and its Commissioners, arguing that the SEC is unlawfully claiming that Ethereum’s ETH token is a security. The lawsuit also seeks an injunction preventing the SEC from taking legal action against MetaMask, Consensys’ popular cryptocurrency wallet with more than 30 million monthly active users.
Some redacted parts of the text are worth exploring as they could imply that the SEC has issued some confidential ruling or internal guideline that ETH is a security. Apart from the redactions, the lawsuit explicitly states, “The SEC’s investigation into transactions in ETH is predicated on a determination that ETH is a security.”
Founded by Ethereum co-founder Joe Lubin, ConsenSys is backed by numerous traditional finance (TradFi) firms. These include HSBC, JP Morgan, Mastercard, Microsoft, Softbank and UBS.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
