Consensys, a company led by Joe Lubin that develops Ethereum, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) over what it calls the SEC’s excessive regulation of the Ethereum blockchain. Lubin announced the lawsuit on social media platform X, stating that Consensys is taking a stand to protect access to ether and the Ethereum blockchain in the United States. The company believes that the SEC’s approach is causing chaos for developers, market participants, institutions, and nations that rely on Ethereum for critical systems. Consensys argues that the SEC’s jurisdiction only extends to securities and that ether should not be treated as a security. The company emphasizes that the SEC should not have the power to expand its jurisdiction to regulate the future of the Internet. The lawsuit by Consensys follows a similar one filed by Coinbase against the SEC in March, in which Coinbase called for clear guidelines for the cryptocurrency sector. Consensys and Coinbase both criticize the SEC for its lack of specific rules and its unclear enforcement policies regarding cryptocurrencies.
