The US Securities and Exchange Commission (SEC) has decided to drop its lawsuit against Metamask developer Consensys and has also dismissed its case against crypto exchange Coinbase. These actions are part of a regulatory shift in the US crypto landscape.
Change in SEC Leadership and its Impact on Regulation
Consensys lawyer Bill Hughes stated that the SEC’s agreement to end its case was relatively straightforward. This reflects a regulatory shift under a more crypto-supportive administration.
Closure of the Case Against Coinbase
The SEC's decision to drop the Consensys case came a day after it withdrew its lawsuit against Coinbase. The SEC has also dismissed all claims against Coinbase Global, including the June 2023 lawsuit.
Implications for the Crypto Industry
The dismissals of cases against Consensys and Coinbase are part of a series of crypto-related cases dropped by the SEC from its regulatory approach under former Chair Gary Gensler. Acting Chair Mark Uyeda has called for the agency to rectify its approach and develop crypto policy more transparently.
The termination of the SEC’s cases with crypto firms like Consensys and Coinbase may mark the beginning of a new era in US crypto regulation, focusing on transparency and consistency.
