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Ethereum's price has surged by over 6% to $3,320, outperforming Bitcoin amidst ongoing legal challenges. Consensys, backing Ethereum, has initiated a lawsuit against the SEC, contesting its attempt to classify ETH as a security, intensifying the debate over cryptocurrency regulation.
Ethereum Climbs 6% as Consensys Battles SEC Over Security Classification Amid Legal Tensions
Ethereum's second-largest cryptocurrency price has risen by more than 6% in the last 24 hours. CoinGecko's statistics show that ETH trades at $3,320 on major spot markets. Bitcoin's supremacy is currently only slightly above 50%. The ETH/BTC pair is trading at 0.051 BTC, peaking at 0.052 BTC on April 28.
According to U.Today, the duo has been up roughly 13% in the last two weeks alone. However, the pair is still down 15% from its 2024 peak of 0.061 BTC, which occurred on January 12.
According to the 100eyes Crypto Scanner account, the second-largest cryptocurrency has approached a crucial horizontal resistance level of $3,300.
On April 24, the largest altcoin nearly broke through this barrier level. However, this attempt produced a major correction.
Ethereum's price recovery occurred even though Consensys, the primary supporter of the world's second-largest cryptocurrency network, sued the US. The Securities and Exchange Commission received a Wells notification from the regulator. The firm claims that the SEC seeks to broaden its jurisdiction by designating the flagship altcoin as a security.
Consensys has already hired some of the greatest lawyers from Manhattan-based firm Watchtell, implying that the industry will likely experience another heated legal struggle. Furthermore, some experts predict the SEC may face another lawsuit from Grayscale for its reluctance to approve a flurry of spot Ethereum ETFs in May.
Consensys Sues SEC to Prevent 'Security' Classification of Ethereum, Citing Harm to Blockchain Ecosystem
Ethereum creator Consensys has filed a lawsuit against the United States. Securities & Exchange Commission.
Consensys claims it sued the powerful regulator because it does not want the SEC to broaden its jurisdiction by "wrongly" classifying the second-largest cryptocurrency as a security. Furthermore, the firm claims the regulator's "reckless approach" harms Ethereum developers, institutions, and market players.
Consensys believes other industry participants should be "aggrieved" by the regulator's aggressive tactics.
"At Consensys, we believe that advancing adoption of blockchain platforms like Ethereum will help reshape and enhance how future generations will manage economic, financial, social, political, and technological systems, creating a more equitable, transparent, and innovative world," the firm added.
The current court action validates prior reports about the SEC's efforts to designate the second-largest cryptocurrency as a security, including a wave of subpoenas.
As reported by U.Today, the SEC is set to reject several Ethereum ETF proposals, including BlackRock's. Consensys founder Joe Lubin told Fortune that the SEC's antagonistic approach was likely intended to justify the imminent rejection.
Lubin says the SEC intends to "stifle" innovation and prevent huge capital flows into the ecosystem. However, BlackRock's Larry Fink stated that it is conceivable to launch an Ether ETF even if Ether is categorized as a security.
According to CoinGecko data, the price of Ether (ETH) has increased by 0.7% in the last 24 hours. The SEC is now involved in intense litigation battles with several top cryptocurrency companies, including Coinbase, Uniswap, and Ripple.
Following early reports describing the agency's efforts to crack down on the leading altcoin, U.Today reported that Ripple CEO Brad Garlinghouse predicted that the SEC would lose its "war" against Ethereum.
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