Crypto industry heavyweights are lending support to ConsenSys after the Ethereum giant launched a pre-emptive strike against the SEC on Thursday.
Consensys is metamask Cryptocurrency wallets have filed a lawsuit against the SEC, accusing regulators of going too far in trying to “take control of the future of cryptocurrencies” and regulating them. Ethereum. (Disclosure: ConsenSys Decryption) The company claims that the SEC plans to regulate Ethereum as a security.—So far, regulators have not made any public announcements.
“thank you [to the founder of Consensys and the rest of the team] Thank you for fighting back and protecting our industry.” Uniswap Founder and CEO tweeted yesterday. “We are tired of the overreach and harassment.”
The SEC has a long and contentious relationship with the cryptocurrency industry, filing multiple lawsuits against industry leaders such as Binance, Kraken, Uniswap, and Coinbase. As such, this reversal of position was welcomed with open arms by figures in the field who expressed their joy on crypto Twitter.
The SEC attacked Uniswap with a Wells notice earlier this month, accusing the decentralized exchange of violating securities laws. A Wells Notice is a letter that the SEC sends to a person or company informing them that they intend to take enforcement action and file a lawsuit.
In its lawsuit with regulators, ConsenSys reveals that it also received a Wells Notice from the SEC following a multi-year investigation into Ethereum, the combined network's transition to proof-of-stake, and the MetaMask cryptocurrency wallet in particular. did.
ConsenSys' preemptive lawsuit aims to get courts to agree that Ethereum is not a security, thereby invalidating the SEC's claims. This is a move that other companies in the industry have also attempted recently, including Coinbase.
The San Francisco-based cryptocurrency exchange is currently in a legal battle with the SEC over alleged sales of unregistered securities. In response to Consensys' announcement, Coinbase Chief Legal Officer Paul Grewal said: posted on twitter to express his thoughts.
“It's time for the SEC to admit that it still recognizes that ETH is a commodity too. No more games.” Grewal said, “Thank you ConsenSys for standing up to the SEC's illegal expansion of power.” said.
Both Binance and Kraken, which are still fighting in SEC court, did not immediately respond. DecryptionThis is a comment request from .
Edited by Stacey Elliott.
