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On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.\nThe complaint calls out the agency for what Consensys describes as \u201cregulatory overreach,\u201d challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.\xa0\xa0\nThe lawsuit also challenges the SEC\u2019s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous."\nLaura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.\nShow highlights:\n\nWhy Consensys sued the SEC and why Brookover feels like the SEC has gone too far\n\nHow they are looking for a Judge to declare that the ETH is not a security\n\nWhether the switch to proof of stake turned ETH into a security\n\nWhy the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet\n\nHow the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover\n\nWhy Hinman\u2019s speech is still relevant today, even after 6 years\n\nWhether the moves by the SEC are related to a motivation to deny ether spot ETFs\n\nHow the several cases against the SEC show that the industry \u201chas had enough\u201d\n\nWhether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there\n\nThe implications of a Consensys victory for the industry and what the next steps in the case are\n\nThank you to our sponsors!\n\niTrustCapital\n\nPolkadot\n\nGuest\n\nLaura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys\nLinks\nThe lawsuit:\xa0\n\nFortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security\n\n\nConsenSys\u2019s complaint\n\nBill Hughes\u2019 thread on why Consensys sued the SEC\n\n\nConsensys is suing the SEC to defend the Ethereum ecosystem\n\nHinman speech\nCryptoLaw: The Hinman Speech Documents\n\nMajor questions doctrine\n\nUnchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress\n\n\nReuters: SEC argues Coinbase crypto case not barred by \u2018major questions\u2019 doctrine\xa0\n\n\nOther SEC cases:\n\nCoinbase\n\nUnchained:\xa0\n\nWhy the SEC\u2019s Case Against Coinbase Is So Significant for Crypto\n\nCourt Rejects Coinbase\u2019s Bid to Dismiss SEC Charges Against It\n\nUniswap\n\nUnchained:\xa0\n\nGary Gensler\u2019s Case Against Uniswap: Does the SEC Even Stand a Chance?\n\nSEC Puts DeFi in Its Sights With Potential Uniswap Suit\n\nUniswap Blog Post on the Wells notice\n\nMarvin Ammori Thread on Wells notice\n\nEthereum Foundation\n\nUnchained:\n\nSEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report\n\nThe Real Reason Why the SEC Might Be Going After Ethereum\n\nDebt Box\n\n\nUnchained: SEC Sanctioned for \u2018Abuse of Power\u2019 in Debt Box Lawsuit\n\n\nBeba\n\nDeFi Education Fund and Beba sue SEC over airdrop policies\n\nLejilex\n\nLawsuit document\n\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices