Published
1 week ago on
April 26, 2024
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ConsenSys officially started its legal battle against the American securities regulatory body, to stop the SEC body from blind enforcement action against Ethereum (ETH).
ConsenSys is a popular crypto company that works with blockchain technology, especially with Ethereum. They help make apps and software using Ethereum, and they also give advice and teach others about blockchain. They’ve been important in making Ethereum popular and useful for different industries. MetaMask wallet is the most popular crypto product of this crypto firm.
On 25 April 2024, The ConsenSys firm officially filed a lawsuit against the United States Securities and Exchange Commission (SEC) body.
As per the suit, the crypto firm alleged that the SEC body was overstepping its authority over Ethereum.
This firm confirmed that it’s not a legal battle against the SEC body to defend the ConsenSys firm, but a step to save Ethereum from the clutches of being labelled as a security.
Through the suit, the firm stated “ETH isn’t a security, and treating it as such would trample on their Fifth Amendment rights and mess with the Administrative Procedures Act.”
They also clearly mentioned that MetaMask crypto wallet isn’t a crypto broker, and their crypto staking services don’t break any US Securities Act.
Today, Consensys filed a lawsuit against the Securities and Exchange Commission.
— Consensys (@Consensys) April 25, 2024
The goal behind this is to ensure that Ethereum remains a vibrant and indispensable blockchain platform and to preserve access for the countless developers, market participants, and institutions…
SEC vs Ethereum Foundation
In late March of this year, the SEC body reportedly investigated the Ethereum Foundation, a non-profit organization behind the Ethereum blockchain.
At that time many experts claimed that the SEC body aimed to unearth pieces of evidence to prove the Ethereum (ETH) coin as an unregistered security token and further reject all the Ethereum spot ETF applications with the SEC body.
According to experts, the SEC body will give its decision on the ETH spot ETF applications in May of this year & there are huge chances of rejection.
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