The SEC is set to drop its lawsuit against Consensys, the company behind the popular cryptocurrency wallet MetaMask. This follows an “in principle” agreement between the two parties.
SEC Backs Down After Lawsuit
Last year, the SEC sued Consensys, alleging that MetaMask operated as an unregistered securities broker. However, Consensys CEO Joseph Lubin announced on X (formerly Twitter) that the SEC will likely dismiss the case. Pending official approval, the SEC will file a motion with the court to close the case. Lubin stated that while Consensys was prepared for a lengthy legal battle, they welcome this resolution.
A Softer Stance on Crypto?
This development comes amidst a perceived shift in the SEC’s approach to the cryptocurrency industry. The SEC recently dropped a similar lawsuit against Coinbase, suggesting a more lenient stance.
Consensys Praises SEC’s New Direction
Lubin expressed appreciation for the SEC’s “pro-innovation, pro-investor” path, highlighting a more positive relationship between the regulatory body and the crypto industry. He emphasized Consensys’ continued commitment to working with policymakers to foster a crypto-friendly environment in the US that benefits both consumers and businesses.
