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Consensys Moving Forward With SEC Lawsuit After Dropped Investigation: Report

Consensys will proceed with its legal action against the United States Securities and Exchange Commission (SEC) following the federal agency’s decision to halt its investigation into the Ethereum (ETH) developer, confirmed Joseph Lubin, the founder of the blockchain software company, in an interview with Fox Business journalist Eleanor Terrett on Thursday.

SEC Drops Investigation Into Consensys Over ETH Ecosystem

Describing the federal regulator’s closure of its 14-month Ethereum investigation as a “positive development,” the co-founder of Consensys welcomed the news, criticizing the regulatory approach as “ambush tactics” and advocating for a more constructive market regulation strategy.

“We see this as a hopeful sign that some US regulators are easing their stance on crypto, and we anticipate a shift away from current adversarial methods in national investor protection strategies,” Joseph Lubin remarked. “Nevertheless, we remain committed to our legal action against the SEC in Texas, aiming to establish clearer legal frameworks for everyone involved.”

Consensys Will Continue Lawsuit Against SEC, Co-founder Says

Despite these recent developments, Consensys remains committed to its litigation against the SEC in Texas, aiming to clarify the legal standing of cryptocurrencies.

The lawsuit originated from Consensys’ April filing in response to a Wells Notice issued by the SEC. This notice indicated the SEC’s intent to pursue enforcement actions related to Consensys’ crypto wallet service, MetaMask.

In a blog post dated June 2024, Consensys argued that the SEC’s investigation was unjustified, citing the classification of ETH as a commodity since 2018. Furthermore, in a letter addressed to the SEC on June 7, Consensys acknowledged the approval of spot Ethereum ETFs, asserting that this milestone would reinforce ETH’s status as a commodity under current legal frameworks.

Following these recent developments, the SEC, under the leadership of Gary Gensler, officially dropped its investigation into the Ethereum ecosystem in a letter dated June 18.

However, the SEC’s letter also emphasized that this dismissal did not preclude Consensys from facing future inquiries.

For Consensys, this decision marks a significant legal triumph against the SEC’s contentious strategy of regulating the cryptocurrency sector through enforcement actions.

Consensys asserts in its lawsuit that the company “is dedicated to developing software products that enable global use and innovation on the Ethereum network.”

The company argues that it should be allowed to operate its business free from the burden and uncertainty posed by unwarranted enforcement actions.

By continuing its litigation against the SEC, Consensys is effectively challenging the regulator to reconsider its approach to cryptocurrencies or potentially face consequences.

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