Consensys says its lawsuit against the SEC is not over yet and vows to fight the legal battle to the end

Laura, Head of Litigation at Consensys Brookover announced that the company will proceed with its lawsuit against the U.S. Securities and Exchange Commission (SEC), as she believes the fight for regulatory clarity on digital assets is not over yet.

Strive for clarity in digital asset supervision and confirmation of the legality of pledges

In an interview with CNBC on June 21, Brookover pointed out that although the SEC has concluded its investigation into Ethereum 2.0, it has not given clear regulatory guidance on the classification of Ethereum. She emphasized that Consensys will spare no effort to strive for regulatory clarity in the field of digital assets.

Brookover also mentioned that the SEC is currently conducting two investigations into Consensys, which are aimed at determining whether Consensys violated securities laws through the exchange and staking functions of its MetaMask wallet. And the SEC has issued Wells Notices to Consensys on these two issues, indicating the regulatory agency's intention to take enforcement action.

"Our next plan of action is to continue our legal battle with the goal of obtaining the legal remedies we seek in our lawsuit," Brookover said.

Consensys’ goal is to obtain a clear court ruling through legal means, which will confirm that the exchange and staking functions in its MetaMask wallet are legal and do not violate securities regulations. This is consistent with the company's position in the lawsuit filed in April that it believes its products comply with existing laws.

Expresses dissatisfaction with SEC’s conclusion of investigation, Seeks clearer regulatory guidance

Laura Brookover, head of litigation at Consensys, expressed dissatisfaction with the SEC’s conclusion of its investigation into the Ethereum protocol, noting that the investigation, while closed, did not provide the company with the clear regulatory guidance it was seeking under the law. On June 18, the SEC informed Consensys in a letter that it had concluded its investigation into whether ETH constitutes a safe asset, but the letter did not provide any conclusive opinions on ETH’s classification.

Brookover emphasized that the SEC’s decision only stated that charges would not be brought against Consensys, but did not specify the specific reasons for the closure of the investigation, nor did it clarify the regulatory status of ETH, such as whether ETH is considered a commodity rather than a security. She called such a conclusion "woefully inadequate" and suspected that the SEC's closure of the investigation may have been due to pressure from Congress and other industry members.

In addition, Brookover mentioned the SEC’s approval of changes to the Ethereum ETF spot rules on May 23, suggesting that this may be a signal of the SEC’s stance on ETH. At the same time, she also criticized the SEC's regulatory approach, believing that it should formulate clear regulations so that companies can clearly understand whether their actions are legal.

Brookover said that for now, companies can only wait for oral arguments during enforcement actions to understand the SEC’s position. She believes that this approach is not suitable for regulating the cryptocurrency industry and called on the SEC to take a more cooperative approach with the industry to promote healthy development. and innovation.

Conclusion

Led by Laura Brookover, Consensys expressed dissatisfaction with the U.S. Securities and Exchange Commission’s (SEC) vague stance on Ethereum and highlighted the company’s staunch pursuit of regulatory clarity in the digital asset space. Through legal channels, Consensys seeks to establish legal status for the staking function of its MetaMask wallet and urges the SEC to adopt a more open and collaborative regulatory policy.

This move not only highlights the cryptocurrency industry’s urgent need for clear regulatory guidance, but also shows how critical this clarity is to the healthy growth of the entire industry. It is believed that as the cryptocurrency industry continues to progress and the industry expects regulatory agencies to work closely with the industry, the industry will eventually jointly create a regulatory atmosphere that is both clear and encourages innovation.

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