Ethereum
Consensys sues SEC to defend Ethereum ecosystem
Consensys was founded on an era-defining mission: to empower people and communities through access to blockchain technologies. We believe that the growing adoption of blockchain platforms like Ethereum will help reshape and improve the way future generations manage economic, financial, social, political and technological systems, creating a more equitable, transparent and innovative world.
Guided by our mission, Consensys has taken an important step toward preserving access to the Ethereum blockchain today and, by extension, permissionless innovation. We filed a lawsuit against the United States Securities and Exchange Commission (SEC).
We took this action for two fundamental reasons: (1) the SEC should not be allowed to arbitrarily expand its jurisdiction to include regulating the future of the Internet; and (2) the SEC’s reckless approach is wreaking havoc on developers, market participants, institutions, and countries already building or managing critical systems running on Ethereum, the world’s largest platform for decentralized applications. Through our actions today, we intend to clarify the following points:
- The SEC only has jurisdiction over securities, and until recently it has stated that ether is not and should not be treated as a security.
- The SEC has no authority – nor should it – to regulate the technological evolution of the Internet or any other basic technology. Ether is the native token of the Ethereum blockchain. It can be traded as a commodity (like oil), but it is also essential to the technological development of applications built on Ethereum – including applications that have obvious non-financial utility for vital sectors like healthcare, energy , transport, media, agriculture. , and beyond. The SEC’s approach would prevent developers from innovating and building because it would classify non-financial platforms as financial applications thus requiring SEC oversight and approval.
- Apps like MetaMask that allow people to buy, sell, and transfer ether themselves are not stock brokers. The MetaMask wallet, created by Consensys, gives users everything they need to explore Web3; from managing their identity, to sending and receiving cryptocurrency, to connecting to decentralized applications built on Ethereum. Declaring it a stockbroker would effectively prevent Web3 developers from continuing to create next-generation applications themselves.
We have repeatedly seen the current SEC contradict itself with ever-changing views on blockchain, systematically mischaracterizing this technology and what is built on it as a shallow and doomed investment program, rather than as a revolutionary technology. Some of these common and deep misunderstandings about blockchain technology and the benefits it will bring are described. here.
We firmly believe that this technology will change the world. Think back to the first time you touched the Internet. Did you ever imagine that devices like iPhones, smart home devices and vehicles, or smartwatches would be possible? This is the launch pad we find ourselves on today with the potential of Ethereum: a more transparent, more accountable and more secure world, a world of possibilities that we are only just beginning to imagine and unlock. Ethereum must be allowed to mature so that everyone can claim their right and power to be active builders of the Web.
We do not take this step lightly, but we feel compelled to act. Our action today is intended to protect the Ethereum ecosystem as well as the entire broader decentralized protocol ecosystem. Because Ethereum is not just about obtaining information without permission. This is human ingenuity without permission.
We encourage those who feel the same way to make their voices heard and learn more.
Ethereum is for everyone.
Joe Lubin,
Co-Founder of Ethereum and Founder/CEO of Consensys
Source: Consensys
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