In today’s market analysis, we mentioned that a lawsuit similar to last year’s GBTC case could be filed against the SEC for an Ether ETF. Hours later, major Ethereum supporter Consensys filed a lawsuit against the agency. Although there was no significant movement in Ethereum’s price, the shift from defense to offense is a positive sign.
SEC Faces Ethereum Lawsuit
The new lawsuit is a response to SEC Chairman Gary Gensler’s war on crypto companies, including Coinbase and Uniswap. In its 34-page filing, Consensys claims that the SEC’s efforts to exert jurisdiction over Ethereum are illegal. Moreover, it argues that this poses a threat to the future of blockchain technology.
Key details in the complaint file are as follows;
“The SEC’s unlawful seizure of authority over ETH would spell disaster for the Ethereum network and Consensys. Every ETH owner, including Consensys, would fear violating securities laws if they transfer ETH on the network. This situation would bring the use of the Ethereum blockchain in the United States to a halt and cripple one of the internet’s greatest innovations.”
