The SEC accused Consensys of offering products that perform age-old functions like brokering securities transactions and engaging in the offer and sale of securities.
Consensys believed it was in a better position compared to other companies like Binance or Kraken, but the SEC proceeded with a lawsuit against the company.
The lawsuit against Consensys focused on the classification of ETH, arguing it should be recognized as a commodity, not a security, given its role in the ETH ecosystem.
Kraken, in a similar situation previously, stopped offering services for U.S. users and settled with the SEC for $30 million in disgorgement, prejudgment interest, and penalties.
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