With its lawsuit, Consensys aims to settle the question of whether staking turned ether into a security, and to hopefully put an end to what it calls the SEC’s “regulatory overreach.”
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On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.
The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.
The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Lubin deemed "preposterous."
Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.
Show highlights:
🔹 Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far
🔹 How they are looking for a Judge to declare that the ETH is not a security
🔹 Whether the switch to proof of stake turned ETH into a security
🔹 Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet
🔹 How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover
🔹 Why Hinman’s speech is still relevant today, even after 6 years
🔹 Whether the moves by the SEC are related to a motivation to deny ether spot ETFs
🔹 How the several cases against the SEC show that the industry “has had enough”
🔹 Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there
🔹 The implications of a Consensys victory for the industry and what the next steps in the case are

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Guest
⭐️Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys
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Time Stamps:
00:00 Introduction
01:25 Why Consensys sued the SEC and Laura's view on SEC overreach
03:03 Seeking judicial declaration that ETH is not a security
04:00 Whether staking turns ETH into a security
07:01 Reasons behind the SEC's Wells Notice to Consensys
10:57 Application of the major questions doctrine in SEC’s industry actions
11:55 Enduring relevance of Hinman’s speech in crypto regulation
13:32 SEC’s potential motives behind denying ether spot ETFs
15:35 Industry backlash against the SEC through numerous lawsuits
17:02 Texas as a favorable jurisdiction for crypto-related legal actions?
18:15 Potential industry impact of a Consensys victory and subsequent case steps
21:22 Crypto Recap

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#bitcoin #ethereum #crypto #cryptocurrencies
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