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Crypto Firm Sues SEC to Fend Off Oversight of Ethereum
Consensys says in a lawsuit in federal court in Texas Thursday that if the SEC is permitted to exert authority over Ethereum and its digital token Ether, it would bring the blockchain to a halt, “crippling one of the internet’s greatest innovations.”
The lawsuit comes amid growing scrutiny of Ethereum by the SEC. In March, the agency demanded information from various companies as part of a review of aspects of Ether, the world’s second biggest cryptocurrency.
Consensys founder Joseph Lubin said in a statement that the SEC investigations into the company and others that contribute to the Ethereum codebase are “only accelerating.”
“They’ve made extensive requests for documents and testimony regarding our involvement with the code and the asset,” said Lubin, who was also a co-founder of Ethereum blockchain. “Absent any indication from the SEC otherwise, we have no reason but to believe an action against Consensys regarding Ether to be imminent.”
Consensys is asking the court to rule that the token is not a security and isn’t under the authority of the SEC. On Thursday, Consensys disclosed it received a Wells notice from the SEC related to its MetaMask wallet.
The SEC declined to comment on the lawsuit. The Ethereum Foundation, a non-profit supporting the blockchain, didn’t immediately return a request to comment.
SEC Chair Gary Gensler has said many digital assets are unregistered securities subject to SEC rules, but he has not specified if Ether is part of that group. Bitcoin, the world’s largest digital asset, is the only cryptocurrency that Gensler has definitively said isn’t a security in his view.
Consensys says in a lawsuit in federal court in Texas Thursday that if the SEC is permitted to exert authority over Ethereum and its digital token Ether, it would bring the blockchain to a halt, “crippling one of the internet’s greatest innovations.”
The lawsuit comes amid growing scrutiny of Ethereum by the SEC. In March, the agency demanded information from various companies as part of a review of aspects of Ether, the world’s second biggest cryptocurrency.
Consensys founder Joseph Lubin said in a statement that the SEC investigations into the company and others that contribute to the Ethereum codebase are “only accelerating.”
“They’ve made extensive requests for documents and testimony regarding our involvement with the code and the asset,” said Lubin, who was also a co-founder of Ethereum blockchain. “Absent any indication from the SEC otherwise, we have no reason but to believe an action against Consensys regarding Ether to be imminent.”
Consensys is asking the court to rule that the token is not a security and isn’t under the authority of the SEC. On Thursday, Consensys disclosed it received a Wells notice from the SEC related to its MetaMask wallet.
The SEC declined to comment on the lawsuit. The Ethereum Foundation, a non-profit supporting the blockchain, didn’t immediately return a request to comment.
SEC Chair Gary Gensler has said many digital assets are unregistered securities subject to SEC rules, but he has not specified if Ether is part of that group. Bitcoin, the world’s largest digital asset, is the only cryptocurrency that Gensler has definitively said isn’t a security in his view.
An exceptionally rare satoshi, the smallest unit of Bitcoin, has been sold for 33.3 Bitcoin (BTC), equivalent to approximately $2.13 million. The sale took place on the cryptocurrency exchange CoinEx Global on April 25, five days after it was mined by Bitcoin mining pool viaBTC in block 840,000 on April 20, marking the fourth Bitcoin halving.
The famous 'Buy Bitcoin' sign, written on a yellow notepad, that became an iconic symbol during Janet Yellen's Congressional testimony in July 2017 has been sold in an auction for 16 BTC, amounting to just over $1 million. The auction, facilitated by Scarce.City, achieved a record-breaking amount on the platform.
The auction event took place at PubKey, a Bitcoin-themed bar located in New York City, adding a touch of cryptocurrency ambiance to the proceedings. The buyer of the sign is an individual known by the online alias Squirrekkywrath, as confirmed in a tweet by PubKey. Not much is known about the new owner, but Alex Thorn, the head of research at Galaxy, describes them as a "bitcoin OG that no one has ever heard of."
Christian Langalis, the person who held up the famous sign, said that the proceeds from the auction would be directed towards funding his startup, Tirrel Corp. The company is actively developing a Bitcoin Lightning network wallet on Urbit, an open-source operating system.
Langalis gained attention during a House Financial Services hearing in 2017 when he defiantly displayed the 'Buy Bitcoin' sign. However, his actions resulted in him being escorted out of the building for violating committee rules. Nevertheless, the image of the sign quickly spread across the internet, going viral and capturing the imagination of the crypto community.
The auction event took place at PubKey, a Bitcoin-themed bar located in New York City, adding a touch of cryptocurrency ambiance to the proceedings. The buyer of the sign is an individual known by the online alias Squirrekkywrath, as confirmed in a tweet by PubKey. Not much is known about the new owner, but Alex Thorn, the head of research at Galaxy, describes them as a "bitcoin OG that no one has ever heard of."
Christian Langalis, the person who held up the famous sign, said that the proceeds from the auction would be directed towards funding his startup, Tirrel Corp. The company is actively developing a Bitcoin Lightning network wallet on Urbit, an open-source operating system.
Langalis gained attention during a House Financial Services hearing in 2017 when he defiantly displayed the 'Buy Bitcoin' sign. However, his actions resulted in him being escorted out of the building for violating committee rules. Nevertheless, the image of the sign quickly spread across the internet, going viral and capturing the imagination of the crypto community.