Software development company Consensys has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and five commissioners over claims they plan to “regulate ETH as a security.”
In an April 25 filing in the U.S. District Court for the Northern District of Texas, Consensys accused the SEC of preparing “to seize control of the future of cryptocurrencies” with enforcement actions that Aiming to regulate Ether as a security
The company cited SEC records referring to Chairman Gary Gensler’s statement declaring ETH not a security in early 2018.
“The SEC’s unlawful seizure of ETH would be disastrous for the Ethereum network and for Consensys,” the document states. “All ETH holders, including Consensys, will be afraid of violating securities laws. If he or she were to transfer ETH on the network, and anyone’s ability to receive ETH to use Ethereum’s decentralized repository of applications and services would have to be suspended. This would halt the use of the Ethereum blockchain in the United States. and crippled one of the internet’s greatest innovations.”
Consensys accused the SEC of “training” its MetaMask wallet software, which allows users to self-customize ETH and other cryptocurrencies. The company said in the filing that it received notification from the SEC when on April 10, warning of potential enforcement action related to the MetaMask Swaps and MetaMask Stake products, adding that the SEC said in a conference call that Consensys operates as an unregistered broker-dealer.
According to Consensys, the company received three subpoenas in 2023 requesting information related to “acquisition, holdings, and sales of ETH,” with the company emphasizing the SEC’s continued efforts to classify. Ether as a security It draws support from companies that are trying to act in good faith according to regulatory guidelines. and has requested formal relief by having the court declare that “ETH is not a security under the Securities Act and Consensys’ sale of ETH is not a sale of securities.”
refer : cointelegraph.com
picture news.bitcoin.com
The post has arrived!!! Consensys “filed” the SEC and the Commission. About the regulations to securitize Ether appeared first on Bitcoin Addict.