Consensys Sues the SEC to Defend the U.S. Ethereum Community
The U.S. Securities and Exchange Commission’s (SEC) threatened regulation of ether as a security would jeopardize the United States’ ability to use Ethereum and similar blockchain technology. The implications would stretch far beyond digital asset trading, jeopardizing the future of countless new innovations, products and U.S. jobs that this next generation of the Internet will unleash.
That’s why we’ve taken the necessary step of suing the SEC, to stop its unlawful power grab. At its core, our litigation highlights several critical facts:
👉 The applications that allow people to transact on their own using Ethereum are not securities brokers, and therefore cannot be regulated by the SEC.
👉 The SEC’s unlawful power grab threatens to undermine America’s position as a leader of the next generation of the internet. This opens the door for other countries, particularly hostile foreign adversaries, to control the development of an economy built off of a technological evolution of the internet. This is not what our country should want for its technology industry, yet it is where the SEC is leading us.
👉 Ethereum is a global computing platform, not an investment scheme. Ether is not a security. It is a commodity, as repeatedly confirmed by the Commodity Futures & Trading Commission (CFTC).
https://consensys.io/crypto-regulations/defend-ethereum