Ethereum

April

The <a href="https://news.todayq.com/sec-vs-ripple-a-crucial-battle-crypto-industry/" rel="noopener noreferrer nofollow">regulatory battle</a> between the US Securities and Exchange Commission (SEC) and key crypto players. Recent developments suggest that Consensys which is a major player in the Ethereum ecosystem has taken a bold step by suing the Commission. This legal action comes over the SEC’s regulatory claim on the Ethereum blockchain. Consensys goes against SEC 
According to reports, Consensys received a Wells Notice from the SEC on April 10, 2024. The commission alleges that the blockchain software company has violated federal securities laws related to its MetaMask Swaps and Staking products.&nbsp;
This case comes amid increasing tensions between the SEC and crypto firms linked to the classification of digital assets. Consensys claims that it has been subjected to a “coercive investigation” by the watchdog staff. This includes multiple subpoenas.
It added that the company is seeking injunctive relief to prevent the SEC from continuing its investigation. It also seeks the commencement of enforcement actions against it. Consensys aims to challenge the premise that ether transactions are securities transactions.
The court filings depict that the lawsuit is challenging the watchdog’s authority to regulate user controlled software interfaces built on Ethereum blockchain. The blockchain company argues that the SEC does not have any legal jurisdiction to regulate Ether and products linked to it.
It highlighted that Consensys has warned of dire consequences if the SEC has the authority to assert control over Ethereum. It stated that it would disrupt the network and silence innovation. The company further argues that such regulatory overreach will hinder the use of the biggest altcoin in the US. However, it will also disrupt its growth. All eyes on Ethereum 
This lawsuit stands crucial not only for Consensys but for the entire crypto industry. It highlights the ongoing struggle between regulators and crypto firms. The fight is still on over regulatory clarity and jurisdiction. The outcome of this case is expected to leave could have far reaching implications for the regulation of digital assets.
It might halt the much anticipated second phase of the bull run. ETH is still struggling with increased selling pressure. The second biggest crypto is down by 14% in the last 30 days. It has managed to grow by 38% over the past year.
Ether is trading at an average price of $3,150, at the press time. Its 24 hour trading volume is down by 5% to stand at $13.7 billion.

Ethereum grabs spotlight in new US SEC legal tussle

Todayq News

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