Consensys has reached an agreement with the U.S. Securities and Exchange Commission (SEC) over the MetaMask case, ending the legal proceedings.
Background of the Dispute
The SEC filed an action against Consensys, alleging the company violated securities laws by operating MetaMask as an unregistered broker. The issue began last June, concerning staking services. Interestingly, just days earlier, the SEC dropped an investigation into Ethereum 2.0 without action.
Consensys' Stance
Consensys' founder, Joseph Lubin, stated that the company was initially set on fighting to the bitter end but agreed to the proposed terms. He emphasized the importance of defending blockchain software developers' interests.
Trends in SEC Actions
The SEC has recently been stepping back from several crypto-related cases. Last week, it dropped its lawsuit against Coinbase and closed investigations into OpenSea, Uniswap Labs, and Robinhood Crypto without taking action. The SEC also closed its investigation into Gemini with no legal action and is discussing a potential settlement with TRON's founder Justin Sun.
The agreement between Consensys and the SEC highlights the growing need for clear regulations in the crypto industry and may serve as a step toward a more sustainable regulatory framework for the sector.
