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Consensys, a United States-based blockchain firm, has initiated legal action against the Securities and Exchange Commission (SEC) in a bid to deter the regulator from overseeing the Ethereum blockchain. Filed yesterday (Thursday), the lawsuit termed the efforts of the regulator a “campaign to seize control over the future of cryptocurrency.” A Strategic Lawsuit The lawsuit argued that if the SEC continues to exert its authority over Ethereum, it would bring the blockchain to a halt, “crippling one of the internet’s greatest innovations.” Consensys revealed that its actions against the SEC followed its receipt of a Wells Notice on April 10, indicating that the regulator is preparing to bring enforcement actions against the company over the services of its MetaMask wallet. The company highlighted that MetaMask is not a broker and “neither holds customers’ digital assets nor carries out any transaction functio
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