Ethereum software giant Consensys filed suit against the Securities and Exchange Commission (SEC) on Thursday, alleging that the regulator is trying to “seize control over the future of cryptocurrency”—and that the agency plans to designate Ethereum as a security.

Consensys, the Ethereum startup behind the popular MetaMask wallet and Infura infrastructure platform, alleges that the SEC is overreaching in its apparent attempts to regulate Ethereum under current chair Gary Gensler. An agency official had previously said in 2018 that ETH should not be treated as a security.

“The U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) seeks to regulate ETH as a security, even though ETH bears none of the attributes of a security—and even though the SEC has previously told the world that ETH is not a security, and not within the SEC’s statutory jurisdiction,” the 34-page complaint reads.

The complaint further notes that the SEC served Consensys with a Wells Notice over MetaMask. A Wells Notice is a letter that is sent ahead of planned regulatory action. As a result, Consensys opted to file a preemptive suit against the agency, seeking a declaration that Ethereum is indeed not a security.

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Author: Mathew Di Salvo

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