The lawsuit, filed on Thursday, aims to stop an impending SEC crackdown on Consensys’ MetaMask wallet and seeks a crucial ruling on the classification of Ethereum’s native token, Ether.asserted, “The U.S. Securities and Exchange Commission’s threatened regulation of Ether as a security would jeopardize the United States’ ability to use Ethereum and similar blockchain technology.”
The lawsuit also seeks to clarify that MetaMask, Consensys’ wallet product, does not function as a broker under federal law, and its staking service does not break securities laws. Consensys highlights the SEC’s inconsistency in its approach and points to the Commodities Futures Trading Commission’s jurisdiction over Ethereum derivatives as further evidence of ETH’s commodity status.
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