EddieJayonCrypto
28 Feb 25
The U.S. Securities and Exchange Commission (SEC) has reached a preliminary agreement to drop the lawsuit against Consensys, a software developer. The SEC had initially alleged that Consensys violated securities laws with its Metamask wallet, which was accused of operating as an unregistered broker....
The U.S. Securities and Exchange Commission (SEC) has agreed to drop the lawsuit against Consensys, a software developer, signaling a shift in regulatory approach to cryptocurrencies. The SEC had alleged that Consensys violated securities laws with its Metamask wallet, which was accused of operating as an unregistered broker. Consensys CEO Joseph Lubin confirmed that the SEC is expected to file a stipulation with the court to formally close the case.
Lubin has also predicted that 2025 will be "the best year" for Ethereum and Consensys, attributing this to the accelerating paradigm shift to a more decentralized world.
Additionally, the SEC has dismissed the case against Coinbase, the leading U.S. cryptocurrency exchange, and other major players in the cryptocurrency industry. This shift in cryptocurrency enforcement follows a change in leadership at the agency, with the SEC moving to gut cryptocurrency enforcement under the leadership of Acting Chair Mark Uyeda.
Despite this "reverse sweep," the SEC is yet to drop its widely covered appeal in the Ripple case, but some analysts believe that the agency will make such a move in the nearest future.