This case is a response to a pattern of unwarranted SEC’s scrutiny of Consensys and its offering, but it does highlight broader SEC action that we feel showcases a clear ideological war on crypto.
In February of this year, Lejilex and the Crypto Freedom Alliance of Texas brought a complaint against the SEC on grounds of gross regulatory overreach. And in March, the DeFi Education Fund joined with Beba in a case against the SEC that, amongst other complaints, challenged the SEC’s “unwritten policy” on crypto rules as a violation of the Administrative Procedure Act.
The case Consensys brings is the first to address the status of ether; this is a critically important component as ether has the potential to be a significant driver of the U.S. economy of the future. Unlawful SEC regulation, however, threatens to jeopardize this potential and impede the U.S.’s ability to use blockchain technology as the basis for countless new innovations and technologies.
The sector has had enough of the SEC’s aggressive regulatory overreach, and we are pleased to join others in standing up for the industry, other enterprises, and what is right.