As you may recall, Consensys, a leading entity in the Ethereum ecosystem, filed a lawsuit against the SEC last April, alleging that the SEC was attempting to classify Ethereum as a security. In their lawsuit, Consensys requested the court to rule that ETH is not a security.

In related news, the SEC has approved spot Ethereum ETF applications while the case is still ongoing, making a significant decision. This decision was positively received by the market and investors, prompting a statement from Consensys.

Consensys expressed approval of the ETF decision, recognizing it as correct and welcoming it. However, they criticized the SEC's sanctions on the cryptocurrency industry, deeming them unfair and detrimental to innovation.

"Regarding today's SEC decision: While Consensys welcomes the approval of ETH Spot ETFs as a step in the right direction, this last-minute decision highlights the SEC's problematic ad hoc approach to digital assets. No other industry, market, or asset faces such intentional regulatory abuses. This restrictive stance by the SEC is unfair to market participants, contrary to the rule of law, and stifles innovation. Today's approval indicates that the SEC views ETH as a commodity rather than a security, which contradicts their previous negative stance, as noted in our recent lawsuit against the SEC. We will continue to advocate for clear regulatory guidelines on Ethereum and appreciate Congress' bipartisan efforts to establish clear and sensible regulations."

On today’s SEC ruling:
While Consensys welcomes today’s approval of ETH Spot ETFs as a positive step, this last-minute approval exemplifies the SEC’s inconsistent approach to digital assets. No other industry, market, or...