The SEC Attack on Cryptocurrency Just Got Worse…

The SEC Attack on Cryptocurrency Just Got Worse…

if chair guinsler gets away with
misclassifying ether as a security it’s
really catastrophic in the United States
the SEC seeks to regulate eth as a
security and this affects you if you
hold ethereum because if ether is a
security then it can’t be sold legally
it can’t be sold and it can’t be bought
in the US and ether is essential for
access to the ethereum network right I
mean you you need ether to transact now
at the moment this is just alleged in
consensuses lawsuit against the SEC they
alleg a regulatory overreach we’ve sued
the SEC in our home state of Texas um
which is actually where I’m joining you
from now and because they saw what was
coming consensus filed a preemptive
lawsuit against the SEC in order to
prevent the SEC from seizing control of
ethereum to defend uh ether and the
ethereum network from Cher guinsler
unlawful power grab consensus being one
of the main developers of the ethereum
network they’re the creators of metamask
Etc and in this recent 902 clip of the
Unchained podcast senior Council and
head of litigation and investigations at
consensus explains why they’re fighting
back against the SEC now we’ve been
forced for years now to defend against
multiple secret SEC investigations and
it’s really time they saw the light of
day because these are important critical
issues for you know our our industry in
our investigations the SEC wasn’t only
targeting our product team metamask they
weren’t only targeting our finance team
asking about our sales of ether they
were actually targeting our wonderful
ethereum developers um who you know
people who are doing the important work
of innovating and improving uh the
ethereum network and that’s really A
Bridge Too Far um and if if chair
guinsler gets away with misclassifying
ether as a security it’s really
catastrophic in the United States
because if ether is a security then it
can’t be sold
legally it can’t be sold and it can’t be
bought in the US and ether is essential
for access to the ethereum network right
I mean you you need ether to transact so
um the end result of of the sec’s
actions um uh seem to be moving toward
unplugging the ethereum network in the
United States and that’s you know just
something we can’t stand for and it
seems that a big reason today that the
SEC is now labeling eth a security is
because they’re now proof of stake after
the merge after eth 2.0 back in
September of 2022 eth transitioned from
the bits and pieces that the crypto
industry has been able to glean so far
it seems that the sec’s inquiries into
eth and the wells notice that consensus
received are centered around this notion
that eth is now a security because of
its transition from a proof of work
consensus mechanism uh to now proof of
stake and that the people who put up eth
to stake it and uh receive yield back
are engaging in uh some kind of
investment contract now is ethereum a
security is ethereum staking an
investment contract this could be in
litigation for years but an even bigger
Revelation is when consensus received a
Wells notice from the SEC accused of
operating metamask the defi wallet
without a license claiming a self
custody wallet should operate under the
same rules as a broker so the wells
notice we’ve had three investigations um
of which consensus has been a Target um
and two of them have culminated in the
wells notice uh that’s the charges that
metamask swaps um on the one hand and
metamask staking on the other are acting
as unregistered Securities Brokers
metamask staking is um uh essentially a
way of communicating with liquid staking
protocols Lio and Rocket pool um and the
sec’s theory also is apparently that Lio
and Rocket pool themselves are
unregistered Securities offerings and
that somehow um through metamask staking
consensus is Distributing Securities
unregistered Securities um so the wells
notice is focused on uh two of the three
investigations it it doesn’t address or
it didn’t address the third
investigation ethereum 2 .0 and so one
thing the SEC is doing is preceding
peacemeal um which is really unfair and
that’s something else we’re addressing
by bringing our lawsuit in Texas we’re
you know these are all issues that the
SEC has pushed to the Forefront when it
comes to consensus and we deserve um a
full and fair airing of all the issues
at once and host Laura Shin brings up an
excellent point that not too long ago
March 28th 2024 a US judge did determine
that coinbase’s self- custody crypto
wallet doesn’t make it a broker because
basically judge faila said that the
coinbase wallet which is you know
probably quite similar to the minass
wallet does not act as a broker this was
a significant setback for the SEC yet it
appears that Gary Gensler doesn’t care
what the US judge said they are not um
they are not taking the guidance that
judge FAA gave and all her wisdom which
is that defi wallets that connect con
users to third party protocols that that
essentially allow users to communicate
with those Protocols are not Brokers um
they’re still pursuing this Theory and
and and you’re right to draw that
connection because um judge fail is
ruling as to coinbase wallet you know
it’s a defi wallet should apply with
equal force to metamask swaps and this
could be wrapped up in litigation for
years because consensus is not backing
down like coinbase they’re fighting back
and nobody has more money definitely
much more money than the SEC a
government agency but nobody has more
money in general than the successful
crypto companies consensus has hired the
same watch lawyers coinbase is using in
its battle against the SEC watchel is
widely regarded as one of the best
litigators in the world meaning they
certainly didn’t cheap out and just hire
the best law firm in the US these are
the best lawyers in the world and what I
love about the is that it’s continuing
the trend of crypto not backing down
anymore like when we’re done kind of
backing down we’re done being bullied by
the SEC as an industry we now are just
taking the fight to them ethereum
educator and founder of the daily guay
on YouTube explains you know you have
consensus preemptively suing the SEC
here you have coinbase not rolling over
at all over the SEC suing them basically
saying you know we’re going to fight you
for as long as it takes you have unisoft
Labs doing the same you had obviously a
while ago grayscale do the same with the
SEC and ripple of course and a few
others out there but now the SEC has
just gone way too far right they’ve
they’ve basically gone to the point
where they’ve done that scorched Earth
approach that I’ve I’ve talked that
before where essentially everyone in
crypto now realizes that if the if keeps
doing this they’re going to push all the
Innovation out of the US absolutely
everything out of the US and they’re
going to uh very much harm the US
economy in the grand scheme of things
and also harm us people and again the
head of the SEC is always appointed by
the current presidential Administration
so there is a possibility if we get a
new president maybe they’ll appoint
somebody else but there is no guarantees
that that next person won’t feel a
similar way as Gary so that’s not a
guarantee I am glad we are taking this
to the sec’s doorsteps step and fighting
back and all that’s going to happen is
that crypto is not going to die crypto
is not going anywhere but what’s going
to happen is that crypto is going to die
in the US if they keep on this path if
The Regulators uh keep on this path and
they keep just screwing around people
are eventually going to give up and
basically say it’s not worth it to stick
around but at this point in time we
haven’t given up yet we’re at the then
they fight you stage and you know what
we’re fighting back we’re not going to
lay down and get bullied anymore so
that’s why I thought that this was
really bullish today not just for
ethereum but crypto generally I will
link both Anthony cesano and Laura
Shin’s podcasts down below if you’re
invested in crypto be sure to subscribe
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TimeStamps:
00:00 Intro
01:15 Biggest Ethereum Developer Sues SEC
02:21SEC Alleges That Ethereum Staking is a Security
03:18 Is Metamask Okay?
05:50 What Happens Next?
07:49 “Crypto is Going to Die in the US”

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