The chief legal officer of crypto exchange Coinbase says that Ethereum (ETH) is a commodity as decentralized finance (DeFi) firm Consensys launches a lawsuit against the U.S. Securities and Exchange Commission (SEC).
In a new post, crypto lawyer Paul Grewal affirms that the top smart contract platform is a commodity rather than a security and praises Consensys for standing up to the SEC’s “unlawful expansion of authority.”
“I know ETH is a commodity. You know ETH is a commodity. The CFTC (Commodities Futures Trading Commission) knows ETH is a commodity. It’s time for the SEC to admit that it still knows ETH is a commodity too. No more games. Thank you to Consensys for standing up against the SEC’s unlawful expansion of authority.”
In a lengthy thread on the social media platform X, Consensys explains that it’s filing a lawsuit against the SEC because it believes that the regulatory agency is both…
