Web3 Community Faces Regulatory Challenges as Consensys Fights SEC Overreach

The Web3 motion, geared toward fostering a extra inclusive, clear, and decentralized web, is encountering substantial regulatory pushback in america. In response to linea.mirror.xyz, the neighborhood of Web3 builders is dealing with threats from what many take into account to be reckless regulatory actions.

Why Defending Web3 Issues

In April 2024, Consensys, a founding member of Linea, introduced a lawsuit in opposition to the U.S. Securities and Change Fee (SEC). The lawsuit goals to halt an investigation into the Ethereum ecosystem and make clear that blockchain software program builders like Consensys should not brokers beneath U.S. securities legal guidelines. Though the SEC ended its investigation into Ethereum, it proceeded with an enforcement motion in opposition to MetaMask, claiming it was an unlicensed dealer of unregistered securities.

This transfer by the SEC is seen by many within the trade as a misunderstanding of what a crypto pockets is and does. It additionally poses a major menace to blockchain software program improvement within the U.S. The enforcement motion is perceived as a coverage alternative focusing on the technological innovation pushed by Web3 builders, who’re on the forefront of using and growing this expertise.

For the reason that onset of this litigation, your complete Consensys staff has been combating for the proper to innovate—not only for their firm however for your complete international crypto neighborhood.

Be a part of the Motion to Assist Web3 Builders

Over the following a number of weeks, Consensys and Linea will use their channels to share tales of the builders behind Web3 within the “Builder Tales” collection. This collection goals to supply an in-depth take a look at the individuals and modern tasks on the coronary heart of Web3. The brand new season will characteristic a various set of builders, from veterans to rising skills, to showcase the individuals, expertise, and technological innovation at stake if the SEC’s overreach continues.

For instance, SheFi Founder Maggie Love’s story is featured within the collection, highlighting the important function of girls in blockchain innovation.

The neighborhood is inspired to hitch the dialog and use the hashtag #Web3forAll when sharing on social media. Extra details about Consensys’ lawsuit in opposition to the SEC will be discovered on their official website, together with particulars on how you can become involved within the Web3ForAll motion.

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