Consensys Sues SEC Over Attempted Ethereum Regulation as Security

Consensys, a major supporter of the Ethereum network, has filed a lawsuit against the US Securities and Exchange Commission (SEC) seeking clarification on whether Ethereum is a commodity and whether its popular MetaMask wallet is a broker. The company is also seeking an injunction to prevent the SEC from suing it and to leave developers alone. Consensys has hired Wachtell, the world's most expensive law firm, to defend against potential litigation from the SEC. The move to Texas from New York could make establishing jurisdiction in the 5th Circuit easier.