Consensys sues the SEC to clarify the classification of Ethereum (ETH) as securities

• Consensys recently received a well in the SEC for its metamask product.
• Consensys aims to defend the status of Ethereum as a goods.
• The company also questions the authority of the SEC about cryptocurrencies.

Consensys, a well-known Ethereum developer, has submitted a lawsuit Legal against the US exchange supervision sec (securities and Exchange Commission) because of one of them " Regarding Ethereum (ETH).

The lawsuit submitted to the district court of the northern district of Texas marks an important step in the continued struggle between crypto companies and regulatory authorities.

Consensys denies the classification of Ethereum

In the center of the dispute, the classification of Ethereum (Eth) is as securities.

Consensys claims that ETH should not be regarded as a security and denies the examination of the SEC for its Metamask Wallet product based on this classification. The company argues that Metamask, a widespread wallet interface, is not active as a securities broker in the sense of federal law.

Consensys recently received a wells in which the regulatory authority's intention has been expressed to initiate enforcement measures against the company due to alleged violations of securities laws by its product Metamask. However, the company denies these allegations on the grounds that Metamask only provides an interface and neither keep the digital assets of customers nor do it carry out transactions.

possible effects on the Ethereum network

Consensys warns that the claim of the SEC via Ethereum could have adverse effects on both the Ethereum network and on Consensys itself.

The company argues that the measures of the SEC in contradiction to previous statements regarding the classification of Ethereum are a commodity and not as securities. In addition, Consensys emphasizes the regulatory consensus, which has shaped its business, and expresses concerns about the effects of the new attitude of the Sec.

In the past few months, the SEC has intensified its monitoring of the crypto industry and has targeted stock exchanges and companies. Consensys joins other actors in the industry and is looking for legal means to prevent the SEC from treating certain cryptocurrencies or companies as securities.

The lawsuit against the US stock exchange supervision SEC reflects the growing tensions between crypto companies and regulatory authorities, the effects of which extend on the broader crypto community.

In the further course of the legal dispute, the result could significantly influence the regulatory landscape for Ethereum and other cryptocurrencies.