ConsenSys Loses Legal Battle Against SEC
A federal judge in Texas dismissed ConsenSys’ lawsuit against the U.S. Securities and Exchange Commission (SEC) and its chairman, Gary Gensler. The company sought to legally establish that Ethereum is not a security and to prevent the SEC from interfering with the operation of the MetaMask crypto wallet.
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A federal judge in Texas dismissed ConsenSys' lawsuit against the U.S. Securities and Exchange Commission (SEC) and its chairman, Gary Gensler. The company sought to legally establish that Ethereum is not a security and to prevent the SEC from interfering with the operation of the MetaMask crypto wallet.
Our suit against the SEC laid bare the overzealous investigation of Ethereum, and policymakers and the public at large voiced deep concern over the SEC’s investigation of blockchain software development,
ConsenSys claimed.
Judge Reed O'Connor ruled that the SEC's actions were not final and that Wells Notices do not impose any legal consequences or obligations on the company. He also dismissed ConsenSys' request to declare the investigation into ETH unwarranted, noting that the matter has already been addressed following the approval of the Ethereum ETF.
ConsenSys intends to continue its legal fight with the SEC regarding the MetaMask wallet, where the SEC alleges unlicensed brokerage activities and the sale of unregistered securities. The SEC has not yet commented on this statement or the court's decision.
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