Consensys Sues SEC Over Ethereum Authority, Fearing Innovation Stagnation

According to Bloomberg, Consensys, a crypto software company, filed the lawsuit in a federal court in Texas. The firm argues that if the Securities and Exchange Commission (SEC) is allowed to exercise jurisdiction over Ethereum and its digital token Ether, it could potentially halt the blockchain and thus 'cripple one of the internet's greatest innovations'. This lawsuit was filed at a time when Consensys was under increasing scrutiny.

In the lawsuit, Consensys is seeking a court ruling that Ether is not a security and therefore should not fall under the jurisdiction of the SEC. The company was founded by Joseph Lubin, who is also the co-founder of Ethereum. However, the SEC declined to comment on the case.

The lawsuit is officially filed against Consensys Software Inc. etc. SEC is known as 4:24-cv-00369 and is being heard in the U.S. District Court for the Northern District of Texas in Fort Worth.#SEC. #ethetf #Binance $ETH