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Major Ethereum Lawsuit Filed Against SEC: He May Have Violated the Law! - Coin Newsletter
Blockchain software firm ConsenSys has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC).
"The U.S. Securities and Exchange Commission is trying to regulate ETH as a security despite the fact that it has commodity characteristics – and has SEC told the world in the past that ETH is not a security and does not fall under the jurisdiction of the SEC," ConsenSys said in a lawsuit filed yesterday in a Texas court.
In recent weeks, there have been reports that SEC has sent subpoenas to some organizations working with the Ethereum Foundation and is investigating ETH as a security. According to ConsenSys' statement, the SEC has decided that ETH is a security and has begun investigating the MetaMask wallet developed by the company.
ConsenSys also noted that SEC sent notice earlier this month that it would **take legal action against the company."
According to ConsenSys, although SEC claims that the company is selling securities through its MetaMask, the MetaMask is only functioning as an interface.
ConsenSys wants the court to declare ETH not a security and to rule that SEC has violated the law.