Background on the SEC Investigation In April, blockchain development company Consensys received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), a precursor to legal action, concerning its MetaMask wallet. The wallet enables users to self-custody Ethereum (ETH) and other cryptocurrencies. The SEC’s investigation aimed to ascertain whether Ethereum, the second-largest cryptocurrency by market cap, should be classified as a security. Consensys’ Legal Action Against SEC Consensys filed a lawsuit against the SEC, seeking to stop the investigation. The company argued that Ethereum qualifies as a commodity, not a security, placing it outside the SEC’s regulatory scope. This

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