EthereuminfrastructuredeveloperConsensyshasfileditsresponsetotheU.S.SecuritiesandExchangeCommission’sclaimsoffederalsecuritieslawviolations,addingtoitslawsuitsagainsttheagency.
TheSECpreviouslyaccusedConsensys’cryptowallet,MetaMask,ofoperatingasanunregisteredbrokerandsecuritiesissuer.
ConsensysfullyrefutedtheSEC’sallegations,criticizingtheagencyanditschair,GaryGensler,forwhatitdescribedasanunconstitutionalattackonthedecentralizedfinanceecosystem.Itscourt-submittedreplyreaffirmeditsstanceanddissatisfactionwiththeSEC’slawsuit.
ThisactionisjustthelateststepintheSEC’srecentcampaigntoseizecontroloverthefutureofblockchainsandcryptocurrency,oneofthefastest-growingandmostinnovativetechnologiesintheworld…TheSEC’sattempttoimposeitsregulatoryauthorityonthistechnologyandinsertitselfintothiscryptoarchitectureisunsupportedinthelaw—itsclaimsmustfail.
ConsensysresponsetoSECsuit
BeforebecomingthesubjectofanSECprobe,Lubin’sfirmhadsuedtheSECoveritsEthereum(ETH)investigation.AgencyprosecutorsclosedtheinquiryandpromptlyfiledacomplaintagainstMetaMask’screator.TheSECallegesthatMetaMaskfacilitatedillegalsecuritiestradingandthatitsstakingserviceviolatedfinancialregulations.
Youmightalsolike:NewsUSjudgeapprovesexpeditedscheduleforConsensyssuitagainstSEC
ConsensyscountersuedtheregulatortodeterminewhetherthelawgrantstheSECregulatoryoversight.BillHughes,alawyerforConsensys,revealedthatU.S.JudgeO’Connorgrantedanexpeditedcalendarforthecase.
Meanwhile,CEOJosephLubinannouncedstafflayoffsattributedtoregulatorybattlesandmacroeconomicfactors,withConsensysreducingitsworkforceby20%.
SeveralfirmsunderpressurefromSEClitigationmayseetheapproachingU.S.generalelectionsasapotentialadvantage.Digitalassetcompanieshavedonatedover$190milliontocrypto-focusedsuperPACslikeFairshake,outspendingallotherindustries.
RepublicancandidateDonaldTrumphasstatedhewoulddismissGenslerinJanuary2025ifelected.SEClegalactionsmaytemporarilystallintheeventofacommissionerstalemate.Conversely,Genslercouldcontinueinofficeuntil2026ifDemocratKamalaHarriswins.
Readmore:WillCongresstakecontrolorletcryptoandelectionbetsrunwild?
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