Coinbase, Uniswap Execs Praise Ethereum’s Giant Deal at SEC

Crypto industry heavyweights are lending their support to Consensus. Ethereum The Giants began a preemptive strike against the SEC on Thursday.

Deal, the company behind it MetaMask Crypto WalletThey filed a lawsuit against the SEC, saying that the regulator is trying to “control the future of cryptocurrency” and is doing too much in the attempt to control it. Ethereum. (Disclosure: Consensys is one of 22 investors in the cryptocurrency.) The company plans to have the SEC regulate Ethereum as a security.–So far, the regulator has yet to publicly disclose.

“Thank you [to the founder of Consensys and the rest of the team] To fight back and protect our industry, Uniswap's founder and CEO tweeted yesterday. “We are tired of the overlap and intimidation”

The SEC has had a long and contentious relationship with the crypto industry, filing numerous lawsuits against industry leaders such as Binance, Kraken, Uniswap, and Coinbase. So this reversal of the tables was welcomed by people in the space who took to crypto Twitter to express their excitement.

The SEC hit out at Uniswap in Wales earlier this month, saying the decentralized exchange violated securities laws. A Wells Notice is a letter that the SEC sends to individuals or companies to notify them that it plans to take enforcement action and file a lawsuit.

In its own lawsuit against the regulator, Consensys said it received Wells' notice from the SEC after a years-long investigation into Ethereum, the network's transition to proof-of-stake following the merger, and the Metamask crypto wallet in particular.

Consensys's preemptive lawsuit seeks to get a court to agree that Ethereum is not a security, thus invalidating the SEC's claims. It's a move others in the industry have tried, including Coinbase.

The San Francisco-based crypto exchange is currently embroiled in legal battles with the SEC regarding the sale of unregistered securities. Following the deal announcement, Coinbase Chief Legal Officer Paul Grewal took to Twitter to express his thoughts.

“It's time for the SEC to recognize that ETH is still a commodity. No more games. Grewal said, “Thank you to Consensys for challenging the SEC's illegal expansion of powers.

Neither Binance nor Kraken — both fighting their own SEC court battles — did not immediately respond to Decrypt's request for comment.

Edited by Stacy Elliott.