Daniel Kuhn is a deputy managing editor for Consensus Magazine. He owns minor amounts of BTC and ETH.
Last month, news broke that the U.S. Securities and Exchange Commission had subpoenaed the Ethereum Foundation in a seeming first move in preparing a potential lawsuit. At this point, all the world knows, really, is that someConsensys, the Fort Worth, Texas-based incubator that has developed a number of core tools for the Ethereum ecosystem, including the largest non-custodial wallet MetaMask, node infrastructure service Infura as well as clients like Besu and Teku.
It’s a tricky legal subject, not made easier by the SEC’s reluctance to provide clear guidance regarding crypto. In fact, the securities watchdog may even be deploying backdoor strategies to try to sow confusion, like issuing a special purpose broker dealer license to a trading platform that intends to list ETH as a security or lying to a court to freeze a small blockchain project’s funds.
So with respect to the first question I wouldn't make that argument specifically. I wouldn't say that the SEC is looking to bring a case against any particular party related to Ethereum. The way they've typically gone about declaring a token a security is generally going after some third party, and in the course of that case, calling some other token a security .
So with respect to your initial question: It is amazingly coincidental that the SEC is appearing to take a different at least rhetorical and tactical approach to Ethereum and that happens to coincide with the first ever SPDB materializing essentially out of nowhere, and being brought to the forefront of the political consciousness in terms of the crypto debate in D.C.
What I'll say is: Consensys likes to walk the walk and not just talk the talk. Metamask is the best, most trusted, most useful wallet for the ecosystem that it operates in. It’s expanding asis doing well. At the end of the day, the goal is not just to create a new type of internet browser that we control wholly, but from Joe on down, the company really fervently believes in a new paradigm for how projects like this can be owned and maintained and sustained over time.
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