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Home»ETHEREUM NEWS»SEC Sues Ethereum’s ConsenSys Over Lido and Rocket Pool Offerings
ETHEREUM NEWS

SEC Sues Ethereum’s ConsenSys Over Lido and Rocket Pool Offerings

By Crypto FlexsJune 29, 20243 Mins Read
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SEC Sues Ethereum’s ConsenSys Over Lido and Rocket Pool Offerings
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The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency platform ConsenSys, deepening its legal battle with the cryptocurrency industry. blockchain company It is known as metamask This product focuses on wallet products and the Ethereum network.

The SEC alleges that ConsenSys violated federal securities laws by operating as an unregistered broker-dealer, providing services for “cryptocurrency securities,” and collecting more than $250 million in fees.

SEC sues ConsenSys

that much SEC lawsuit The objections against ConsenSys echo similar complaints against other crypto companies such as Coinbase and Kraken. But what sets this lawsuit apart is the context surrounding ConsenSys’ response to the SEC’s actions.

ConsenSys in April filed a lawsuit The SEC filed a lawsuit after receiving a Wells notice seeking clarity on whether Ethereum should be classified as a security. ConsenSys recently interpreted the SEC’s announcement of the end of its “Ethereum 2.0” investigation as a sign that Ethereum was out of the agency’s jurisdiction.

Notably, the SEC did not designate Ethereum as one of the unregistered securities offered by ConsenSys in its Friday filing. approval This is the case of the world’s largest asset management companies applying for an Ethereum ETF on May 23rd.

Regulatory war in the cryptocurrency industry

Company founded by ConsenSys Joseph RubinOne of Ethereum’s developers stands out from previous SEC targets: Rather than operating as an exchange, ConsenSys focuses on developing software, including the MetaMask digital wallet.

The SEC’s lawsuit alleges that the company violated securities laws by enabling the “exchange” of cryptocurrency assets through MetaMask. In particular, the agency targeted Ethereum. staking serviceIn other words, Lido and Rocket Pool claim that their tokens, stETH and rETH, respectively, are unregistered securities.

The SEC also alleges that ConsenSys facilitated more than 36 million cryptocurrency asset transactions, including at least 5 million involving transactions deemed to be securities.

Previously, the SEC Similar rates There was a $30 million settlement related to staking on Kraken, and Coinbase disputed the allegations.

The SEC’s new complaint against the blockchain company does not classify Ethereum as a security, but it represents another front in the SEC’s ongoing campaign against major players in the cryptocurrency industry.

Many within the cryptocurrency community may view this as a partial victory, given that Ethereum was not included. unregistered security. But this lawsuit further highlights the regulatory uncertainty surrounding the industry’s top companies.

ConsenSys, which is currently suing the SEC in Texas, has criticized the agency’s actions, accusing it of pursuing an “anti-crypto agenda” through arbitrary enforcement actions and regulatory overreach.

The one-dimensional chart shows a downward trend in the price of ETH. Source: ETHUSD on TradingView.com

At the time of writing, ETH was trading at $3,777, down 2.3% over the past 24 hours. Meanwhile, the cryptocurrency market continues to experience significant selling pressure.

Featured image for DALL-E, charts from TradingView.com

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