Crypto firm Consensys said on Thursday that it has filed a lawsuit with the US Securities and Exchange Commission (SEC) over the regulation of the Ethereum blockchain.
Regulation of the industry has become a contentious issue as the industry's biggest companies, including Coinbase Global, claim that the SEC has no jurisdiction on the grounds that crypto tokens are not securities.
Consensys said in the lawsuit that US market regulators have been “trying to illegally regulate Ethereum through special enforcement actions against Consensys and other companies.”
Consensys said it is seeking confirmation from the court that the SEC has no legal authority to regulate user control software interfaces built on Ethereum or the Ethereum blockchain.
The US Securities and Exchange Commission does not currently regulate crypto assets. It has yet to approve applications from several exchange-traded funds (ETFs) seeking to track their spot prices.