ConsenSys says the SEC designated ETH a security but won't say where
Unless Joe Lubin’s massive Ethereum conglomerate has lied in a court document filed yesterday, “the Securities and Exchange Commission (SEC) now claims that ETH is a security subject to SEC regulation.” That’s a quote from ConsenSys’ new lawsuit filed in the US District Court for the Northern District of Texas. It’s the first time a major crypto company has credibly claimed that the SEC itself has designated ETH a security. For years, the SEC has designated certain crypto transactions as SEC urities transactions and occasionally, commissioners have referred to current coins or tokens as unregistered SEC urities. Now, according to ConsenSys, the SEC currently classifies ETH as a security. The news comes seven years after Ethereum’s initial coin offering (ICO). It has also been 19 months since the Merge switched Ethereum from proof-of-work (PoW) to proof-of-stake (PoS) validation. Why is this news coming from a complaint by ConsenSys? Maddeningly, the publi...