Blockchain and web3 development company Consensys Software Inc. has filed a lawsuit against the US Securities and Exchange Commission (SEC) in a Texas court.
The lawsuit claims the SEC is attempting to regulate Ethereum as a security, despite the fact that it does not possess the characteristics of one.
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The agency's decision to pursue this course of action is also at odds with its earlier statement that ETH is not within its regulatory jurisdiction.
The controversy over the SEC's jurisdiction over Ethereum has sharpened in recent weeks with the revelation that the agency has been issuing subpoenas to companies associated with the Ethereum Foundation.
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Consensys claims the SEC has singled out its Metamask software, alleging that it runs afoul of securities laws.