Key Points:
According to Zoomer, Consensys has been issued a Wells Notice from the U.S. Securities and Exchange Commission (SEC). The formal warning often indicates an impending lawsuit and typically results in a settlement shortly after.
In response, Consensys has initiated a lawsuit against the SEC regarding regulatory issues surrounding Ethereum. The firm is seeking a court declaration that Ethereum (ETH) should not be classified as a security.
The lawsuit follows a similar legal battle between Ripple Labs and the SEC over the status of XRP, which resulted in the SEC conceding that XRP is not a security.
Readmore: Ethena Labs Partners with Swell L2 for Rapid Transactions!
As a significant supporter of the Ethereum blockchain, Consensys argues that the SEC’s actions against Ethereum are unlawful and threaten the broader blockchain industry.
The company’s legal filing also mentions that the SEC accused Consensys of operating MetaMask as an unlicensed broker-dealer.
The SEC might respond with a new lawsuit based on the Wells Notice rather than resolve the current lawsuit in court, although their exact course of action remains uncertain.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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