Joseph Lubin, CEO of Consensys, has stated that the SEC is resistant to changes in the banking sector driven by Ethereum.
Lubin claims that the regulator is classifying Ethereum as a security and is taking enforcement actions instead of engaging in constructive dialogue with the industry.
In response, Consensys plans to file a lawsuit against the SEC following its notification.
Lubin also pointed out that the SEC is unwilling to approve an Ethereum ETF due to concerns about potential disruptions in the industry.