The U.S. Securities and Exchange Commission (SEC) has agreed in principle to drop the lawsuit against software developer Consensys related to Metamask.
The Lawsuit and its Closure
The SEC originally claimed that the Ethereum developer violated securities laws with the Metamask wallet, which was allegedly functioning as an unregistered broker. According to Consensys CEO Joseph Lubin, the agency is set to file a stipulation that will effectively close the case.
Consensys' Reaction and Predictions
Joseph Lubin expressed appreciation for the SEC's new leadership and its pro-innovation, pro-investor approach. He also predicted that 2025 will be 'the best year' for Ethereum and Consensys.
SEC's Recent Moves in Crypto
Following the SEC's leadership change, the agency decided to drop the lawsuit against Coinbase and closed investigations into Robinhood and Uniswap Labs. These moves are linked to the departure of former SEC Chair Gary Gensler and the interim leadership of Mark Uyeda. Paul Atkins is expected to become the new chair, though his nomination is pending. However, the SEC's appeal in the Ripple case remains unresolved.
The SEC's actions indicate a shift in its stance toward the cryptocurrency industry, potentially accelerating innovation in the sector.
