Consensys Sues SEC Over ‘Unlawful Seizure Of Authority’ Over Ethereum

Ethereum developer Consensys has filed a lawsuit against the U.S. Securities and Exchange Commission, striking back against what the company calls an “unlawful seizure of authority” over Ethereum by the federal regulator.

The company wants a federal court to declare that ETH (ETH) is not a security, any investigation of ConsenSys based on the idea that ETH is a security “would violate” the company’s fifth amendment rights and the Administrative Procedures Act, that MetaMask is not a broker under federal law, that MetaMask’s staking service does not violate securities law and an injunction against the SEC investigating or bringing an enforcement action tied to MetaMask’s Swaps or Staking functions.

In the complaint filed Thursday against the SEC and all five of its commissioners, Consensys revealed it received a Wells notice from the SEC on April 10, indicating its intention to bring an enforcement action against the company for violating securities laws via its MetaMask wallet product….

Source: Consensys Sues SEC Over ‘Unlawful Seizure Of Authority’ Over Ethereum