Daniel Kuhn is a deputy managing editor for Consensus Magazine. He owns minor amounts of BTC and ETH.
Consensys, one of the main supporters of the Ethereum network, claims the U.S. Securities and Exchange Commission is attempting a power grab over EthereumThis is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full
“Consensys is joining some of the leading companies in the space in a broad industry pushback against regulation by enforcement that is destructive to the future of the internet. This is the responsibility of every Web3 company that has the capital and expertise to navigate the U.S.
It’s “the whole ‘you can't just arbitrarily change your mind and damage people for hundreds of billions of dollars after a decade’ and also by the way the CFTC will likely fight back” argument, Austin Campbell, a Columbia Business School assistant professor and former adviser to stablecoin issuer Paxos, told CoinDesk in an interview at the time.
“The fact that they're looking at open source protocol developers, certainly with an eye on building a case to enforce, really struck us as way out of bounds,” Hughes said, adding that Consensys was asked to provide lists of coders and their GitHub repositories. “To some degree, they are redefining their regulatory purview and becoming an internet regulator.
In particular, the SEC appears to be building a case that MetaMask Swaps, a decentralized exchange aggregator for swapping tokens that charges a 0.875% transaction fee, and MetaMask Staking, aessentially limited to users with 32 ETH to spare to become an Ethereum validator that takes a 10% cut of staking rewards, are in violation of securities or brokerage laws. from New York, which would make establishing jurisdiction in the 5th Circuit easier.
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