Consensys has recently filed a lawsuit against the United States Securities and Exchange Commission (SEC) and its five commissioners for attempting to regulate ETH as a security.
In the lawsuit filed on April 25 in the US District Court for the Northern District of Texas, Consensys claims that the SEC is trying to gain control over the future of cryptocurrencies through enforcement actions aimed at regulating Ether as a security.
The company argues that this decision would go against the SEC’s previous stance, as early as 2018, of declaring ETH as not a security.
Consensys also warns of the potential consequences of the SEC changing its position after companies have already built their businesses on the assumption of this regulatory precedent.
