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Consensus Litigation chief Laura Brookover said the company will continue to sue the SEC because the “battle” for regulatory clarity is “far from over.”
in June 21 In an interview with CNBC, Brookover said that despite the conclusion of the Ethereum 2.0 investigation, the SEC has not provided any regulatory clarity regarding the classification of Ethereum. She added that the company will continue to fight for more clarity around digital assets.
Brookover also said two SEC investigations are still ongoing to determine whether Consensys violated securities laws through its swap and mortgage features. Meta mask wallet.
The regulator previously sent a Wells Notice to Consensys on both issues, indicating that it intended to take enforcement action on both matters.
Brookover said:
“Our current plans are…to continue fighting until we can get the relief we filed the lawsuit to get.”
Consensys aims to obtain a declaration that the two MetaMask features do not violate securities law, as previously described in its report April suit.
Conclusion of the first case is not enough
The SEC has completed one investigation through A June 18 letter. Brookover said The first investigation “really focused on the Ethereum protocol itself” and whether Ethereum is a security asset, including Ethereum 2.0, the merger, and the network’s transition to staking.
The SEC’s letter about the end of the investigation only confirms that the agency will refrain from bringing charges against the company and does not provide any clarification that Consensys is seeking through its legal case, Brookover said.
Brookover said:
“We are cleared of drawing any inference from it, such as… that [the SEC] “I found that ether was a commodity, not a security.”
She said the end of the investigation “was not sufficient” to provide transparency about why the agency ended the investigation. It is also unclear how this development relates to numerous other investigations and enforcement actions being conducted by the SEC.
Brookover speculated that “mounting pressure” from Congress and other industry members prompted the SEC to end its investigation, but said the SEC did not offer an explanation.
She also suggested that the SEC’s approval of the spot ETF rule could change May 23 “Part and parcel of everything that happens within the agency” regarding its stance on ETH.
Brookover condemned the SEC’s overall stance, saying:
“Regulation by enforcement is completely backwards. There needs to be clarity so companies can know whether what they are doing is acceptable under the law…”
She said companies must currently wait for oral arguments during enforcement proceedings to see where the SEC stands. She called the approach.”“There is no way to regulate” the cryptocurrency sector and the SEC urged a more collaborative approach with the industry.
