Consensys sues US SEC, MetaMask services are not illegal

According to BlockBeats, on April 26, Ethereum infrastructure development company Consensys sued the U.S. SEC, accusing it of "illegal power grabbing" over Ethereum. The company hopes that the federal court will declare that Ethereum is not a security, and any investigation of ConsenSys based on the idea that Ethereum is a security "will violate" the company's Fifth Amendment rights and the Administrative Procedure Act. MetaMask is not a broker under federal law, and MetaMask's pledge service does not violate securities laws, and prohibits the SEC from investigating or taking enforcement actions related to MetaMask's exchange or pledge functions. In a lawsuit filed Thursday against the SEC and all five of its commissioners, Consensys revealed that it received a Wells notice from the U.S. SEC on April 10, indicating that the SEC intends to take enforcement action against the company's MetaMask wallet product for violating securities laws. Consensys denied that it acted as a broker and said that the wallet was "simple and interface" and "neither held customers' digital assets nor performed any trading functions."