Consensys Sues SEC to Clarify Ether's Security Status

The lawsuit aims to prevent the SEC from regulating ether as a security, amidst claims of regulatory overreach.

Consensys has filed a lawsuit against the SEC to determine if ether should be classified as a security.
The legal action seeks to stop the SEC from taking enforcement actions against the Ethereum developer.
Consensys argues that ether does not possess the characteristics of a security, citing previous SEC statements.
The lawsuit was filed in response to a Wells Notice indicating the SEC's intent to pursue action against Consensys.
Legal experts suggest the case could potentially reach the Supreme Court, challenging the scope of the Howey test.