In order to establish more transparent regulatory guidelines within the cryptocurrency sector, Consensys continues to pursue legal action against the SEC.
Consensys, a prominent Ethereum software company, continues to pursue legal action against the U.S. Securities and Exchange Commission (SEC) in defiance of the agency’s conclusion of its Ethereum 2.0 investigation.
Laura Brookover, the manager of litigation at Coinsensys, stated that the company is in search of more precise regulatory guidelines for the cryptocurrency sector. The Consensys SEC lawsuit for clarification is currently underway.
Brookover emphasized in an interview with CNBC on June 21 that the SEC concluded its Ethereum 2.0 investigation without establishing definitive regulatory clarity regarding Ethereum’s classification. She confirmed Consensys’ dedication to advocating for more transparent regulations regarding digital assets.
Brookover disclosed that the Securities and Exchange Commission (SEC) is currently conducting investigations into Consensys’ MetaMask wallet, with a particular emphasis on potential violations of securities laws pertaining to the wallet’s exchange and staking capabilities. The SEC had previously issued a Wells notice, which indicated its intention to take enforcement action on these matters.
Consensys submitted a letter in response to the SEC’s recent approval of spot Ethereum ETFs, in which it questioned the potential impact of this decision on the ongoing investigations. The company stressed that the approval of these ETFs was based on the perception that Ether is a commodity.
The SEC’s recent conclusion to its Ethereum 2.0 investigation has prompted discussions regarding the security classification of Ether and its potential impact on other cryptocurrencies. One of the objectives of the Consensys SEC lawsuit is to confront these regulatory uncertainties directly. As of yet, the agency has not responded to Consensys’ drastic action.
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