Blockchain Association Statement on Consensys v. SEC

The following statement is attributed to Blockchain Association CEO Kristin Smith following Consensys’ lawsuit against the SEC:

“Blockchain Association – and the entire digital asset ecosystem – stands shoulder to shoulder with Consensys as they take the fight to the SEC, challenging the Commission’s ever-expanding overreach and aggression. Consensys’ lawsuit seeks to defend the Ethereum ecosystem – a blockchain platform that serves as the basis for innumerable innovations such as stablecoins, which are the focus of intense policy debate. Ethereum and similar programmable blockchains are the next generation of the internet, and the SEC is making it clear it wants to unplug them in the U.S. Ethereum is a public network on which decentralized applications – many of which are not financial in nature – can be built openly. Ether, the underlying asset, is also currently assumed to be a commodity by market participants given statements by both regulators and lawmakers. The Commission itself acknowledged Ethereum’s status as a commodity by approving securities products backed by Ethereum futures contracts that were only regulated by the CFTC. To be clear, the SEC’s jurisdiction is limited to securities and has no authority to regulate commodities. 

“This critical battle impacts all aspects of the digital asset industry. We fully support Consensys in their decision to file preemptive legal action to stop the SEC’s illegal onslaught targeting emerging technologies such as public blockchains.”