A coalition led by Consensys and including other stakeholders in the blockchain industry has initiated legal action against the U.S. Securities and Exchange Commission (SEC), led by Gary Gensler. The lawsuit, filed in Texas, challenges the SEC's recent policies, which the plaintiffs argue unlawfully restrict the operations of blockchain technologies like Ethereum in the U.S. They contend that the SEC's stance that staking transforms Ethereum from a commodity to a security, thus justifying the block of $ETH spot ETFs, is baseless and threatens the development of the cryptocurrency sector. Key figures such as Consensys founder Joseph Lubin criticize the SEC's actions as politically motivated and anti-innovation, which could severely impact developers, investors, and users of blockchain technology. The lawsuit also defends principles such as the rule of law, fair notice, and due process.
Sue the Exchange Commission Thanks @ethereumJoseph and @Consensys for fighting back and defending our industry We're tired of the overreach and harassment https://t.co/vtWxqKxv9n https://t.co/yDTjjiaJWl
Sue the Exchange Commission Thanks @ethereumJoseph and @Consensys for fighting back and defending our industry Our industry is tired of the overreach and harassment https://t.co/hfOJfsCRxo https://t.co/yDTjjiaJWl
Good to see crypto fighting back. The SEC winning here would spell the death of crypto in the US. https://t.co/pcBSjsZOZm
2020: DeFi 2021: NFTs 2022: DAOs 2023: DeSocial 2024: suing the SEC
This aged like 🥛 In 2019, @Consensys founder @ethereumJoseph said they are “big friends and fans”of the @SECGov, explaining that the agency views bitcoin and ether as “decentralized” and that no transactions involving those particular assets are considered to be securities. https://t.co/XJGwprohK9
Today we sued the SEC in our home state of Texas to defend ETH & the Ethereum network from Chair Gensler's unlawful power grab. We've been forced to defend multiple secret SEC investigations for years now. It's time they saw the light of day. #EthforAll #crypto #sec #consensys https://t.co/vAQWpP6SH0
I know ETH is a commodity. You know ETH is a commodity. The CFTC knows ETH is a commodity. It's time for the SEC to admit that it still knows ETH is a commodity too. No more games. Thank you to @Consensys for standing up against the SEC's unlawful expansion of authority. https://t.co/8w7A4PBwUK
Consensys is not just challenging the SEC's scofflaw approach to digital asset markets and developers. It is also defending principles that make our system of governance work: the rule of law, fair notice, and due process. Thank you @Consensys @BillHughesDC @MattCorva https://t.co/44V54RG2Yt
Fortune also spoke to @Consensys founder @ethereumJoseph who told @jeffjohnroberts the @SECGov’s theory that staking transformed Ethereum from a commodity into a security is “preposterous” and an attempt to halt the overall growth of #crypto and justify blocking $ETH spot ETFs. https://t.co/DKzZAbW03P
LET'S GO CONSENSYS! All the crypto should grateful that we have @ethereumJoseph and the OG team at @Consensys fighting the good fight against a politically motivated and anti-innovation regulator. https://t.co/ItQVM0ieWv
Today, we sued the #SEC. They have no right to unplug the U.S. from #Ethereum. They have no right to prohibit peer-to-peer blockchain software. Too many Americans - developers, investors, and everyday users - are going to be hurt if they are allowed to continue unopposed.… https://t.co/RxInVS9ZCg
The SEC continues to harm the blockchain industry. Americans are now fighting back. We foreshadow more losses for @GaryGensler in the coming months. https://t.co/NCiMPzbON2