Briefing

Consensys takes SEC to court over Ethereum crackdown

The Texas-based blockchain software company has filed a pre-emptive lawsuit against the U.S. Securities and Exchange Commission, arguing Ether is not a security, and applications like its popular Metamask crypto wallet are not securities brokers. (The Logic)

Briefing

Consensys takes SEC to court over Ethereum crackdown

By Claire Brownell

Apr 26, 2024

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Talking point: The SEC appears to be building a case against Ethereum, the backbone of a US$436-billion blockchain ecosystem powering some of the most popular decentralized finance and NFT applications. Consensys, whose Canadian CEO Joe Lubin is a co-founder of Ethereum, has received notice the SEC is building a case against the company, as has the non-profit Ethereum Foundation. Consensys argues the SEC already determined Ether is not a security when it put futures under the jurisdiction of the Commodities Futures Trading Commission in 2021. Experts told CoinDesk the lawsuit appears to be designed to set precedents, possibly even narrowing the scope of the famous Howey test for determining whether something is a security.

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