Consensys Sues SEC in Texas, Defends Ethereum as Commodity

Apr 26, 2024, 07:05 PM

Consensys has initiated a lawsuit against the SEC in Texas, aiming to protect Ethereum and its network from what it describes as an unlawful power grab by SEC Chair Gensler. The litigation is portrayed as a defense of the entire Ethereum ecosystem, including developers and intermediaries, against excessive interference in their software development activities. This legal action follows years of secretive SEC investigations into the company. Key figures in the crypto community, including Consensys founder Joseph Lubin, have criticized the SEC's stance that Ethereum's staking model transforms it from a commodity into a security, calling such claims 'preposterous.' They emphasize that Ethereum is recognized as a commodity, and the lawsuit supports the principles of fair notice, due process, and the rule of law.