- Coinbase’s CLO voices support for Consensys’ lawsuit against the SEC over Ethereum’s classification.
- Consensys aims to safeguard Ethereum’s status as a non-security.
- Paul Grewal urges the SEC to admit ETH is a commodity and quit playing games
Paul Grewal, the chief legal officer of Coinbase (NASDAQ:COIN), has delightedly reacted to the latest lawsuit filed against the U.S. Securities and Exchange Commission (SEC). Consensys, a software development firm, lodged this lawsuit on Thursday in a district court in Texas, USA. The lawsuit accuses the SEC and five commissioners of intending to classify Ethereum as a security.
Consensys stated that the lawsuit aims to uphold Ethereum as “a vibrant and indispensable blockchain platform” and ensure continued access for developers, market participants, and institutions invested in It.
The company stressed that the SEC should not have unchecked authority to extend its regulatory reach to encompass the future of the Internet by misclassifying ETH as a security. It highlighted the SEC’s “reckless approach” as causing turmoil among developers, market participants, institutions, and nations that are either constructing or already…
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