Ripple CTO Uses Diamond Business Analogy To Support Consensys in SEC Lawsuit

• Ripple CTO David Schwartz shares his support for Consensys in the recent lawsuit filed by the SEC.
• Using an analogy of Diamond, Schwartz argues that MetaMask’s services are not concentrated on users’ profits.
• Schwartz also shares insights on the critical difference between investment contracts and business contracts.

Ripple’s Chief Technology Officer (CTO), David Schwartz, recently expressed his support for the crypto company Consensys in the lawsuit filed by the SEC against it. Using the diamond market as an analogy, Schwartz argued that MetaMask’s efforts are not profit-focused.

Schwartz’s arguments came in response to the Securities and Exchange Commission’s (SEC) recent lawsuit against Consensys. In the lawsuit filed in the U.S. District Court in Brooklyn, New York, the SEC alleged that Consensys has been operating as an unregistered broker and offering unregistered securities through its staking programs, MetaMask swaps service.

Many view the SEC’s move as retaliation to Consensys’ previous lawsuit, which questioned their effort to classify Ether as security. Though the SEC withdrew its investigations later, Consensys decided to contin…

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