Consensys Files Lawsuit Against SEC to Defend Ether Ecosystem

Blockchain and web3 software technology company Consensys today filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) aimed at defending the Ether ecosystem, according to an official announcement. The complaint highlights how the SEC is attempting to illegally regulate ethereum through special enforcement actions against Consensys, as well as other agencies, and is the latest example of the SEC's aggressive and unlawful overreach, with the lawsuit claiming that if allowed to expand its regulatory authority, the U.S. SEC would effectively destroy the value of hundreds of millions of ethereum holders and lead to a halt to the use of the ethereum blockchain in the U.S., which would facilitate the Internet's technological development. The suit asks the court to confirm that the SEC has no legal authority to regulate Ether, user-controlled software interfaces built on Ether, or the Ether blockchain.Consensys Software Inc v. Gary Gensler, U.S. SEC, et al. has been filed in the U.S. District Court for the Northern District of Texas.