Regulation

Consensys persists in SEC lawsuit for clarity on cryptocurrencies

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Consensys, an Ethereum software company, is continuing its lawsuit against the U.S. Securities and Exchange Commission (SEC) for greater regulatory clarity in the cryptocurrency industry, even after the agency concluded its investigation into Ethereum 2.0.

The company’s founder, Joseph Lubin, recognized the SEC’s decision to end the investigation Tuesday as a positive step for the community.

However, he argues that this fails to provide the necessary legal clarity for the sector.

The discontinuation of the SEC’s investigation into Ethereum’s move to a proof-of-stake model has sparked debates over whether Ether is classified as a security.

Once the investigation concludes, uncertainty remains about its implications for other cryptocurrencies with similar mechanisms.

Consensys’ lawsuit aims to address these regulatory ambiguities.

The SEC began reviewing Ethereum 2.0 on March 28, 2023, examining the buying and selling of Ether as it transitions to a proof-of-stake consensus mechanism.

In April, Consensys received a notice from Wells indicating the SEC’s intent to take enforcement action.

The company sued the SEC in April this year, arguing that the SEC lacked the authority to regulate Ether.

Consensys described the SEC’s recent decision as a potential change in the regulator’s position on Ether’s status as a security.

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