TechFlow news: Consensys has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its five commissioners, alleging plans to regulate Ethereum (ETH).
The SEC is accused of launching a "battle for control over the future of cryptocurrency," threatening both the Ethereum network and Consensys' interests. Consensys stated that the SEC previously declared ETH not to be a security in 2018, but may now be shifting its stance to regulate ETH. The company argues such action would be disastrous for the Ethereum network and hinder its use within the United States.
In addition, the SEC has turned its attention to Consensys' MetaMask wallet software, issuing a Wells Notice on April 10 warning the company of potential violations.
Consensys is asking the court to formally declare that ETH is not a security, and contends that the SEC's actions place businesses in an impossible position.
