Coinbase’s chief legal officer, Paul Grewal, has stated that Ethereum (ETH) should be considered a commodity rather than a security. Grewal commended Consensys, a decentralized finance (DeFi) firm, for taking legal action against the U.S. Securities and Exchange Commission (SEC) and challenging its “unlawful expansion of authority.” In a social media thread, Consensys explained that it is filing a lawsuit against the SEC because it believes the regulatory agency is hindering Ethereum’s stability and growth by categorizing it as a security and arbitrarily expanding its jurisdiction. The SEC is currently deciding whether to approve or reject proposals for Ethereum exchange-traded funds (ETFs). Ethereum is currently trading at $3,119, experiencing a 1.33% decrease in the last 24 hours.
