ConsenSys: If the US SEC successfully defines Ethereum as a security, it could lead to massive unemployment among American workers

ChainCatcher news, Ethereum infrastructure development company ConsenSys stated on social media, "If the U.S. Securities and Exchange Commission (SEC) successfully defines Ethereum as a security, then companies and developers will see years of work go to waste, and tens of billions of economic value will be destroyed, which could lead to massive unemployment for American workers."

In addition, in the article "ConsenSys Sues the SEC to Protect the U.S. Ethereum Community," it stated, "Ethereum is a global computing platform, not an investment scheme. Ether is not a security, but a commodity, a fact that has been confirmed multiple times by the U.S. Commodity Futures Trading Commission (CFTC). Applications that allow people to trade using Ethereum are not securities brokers and therefore cannot be regulated by the U.S. SEC. The illegal power expansion of the U.S. SEC threatens America's position as a leader in the next generation of the internet."