{"id":15378,"date":"2025-02-27T18:31:45","date_gmt":"2025-02-27T18:31:45","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=15378"},"modified":"2025-02-27T18:31:45","modified_gmt":"2025-02-27T18:31:45","slug":"sec-plans-to-drop-enforcement-suit-against-consensys-metamask-ceo-joe-lubin-says","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=15378","title":{"rendered":"SEC Plans to Drop Enforcement Suit Against ConsenSys\u2019 MetaMask, CEO Joe Lubin Says"},"content":{"rendered":"
\n

The U.S. Securities and Exchange Commission (SEC) is dropping yet another case against an American crypto company, as the regulator continues its strategic retreat from the so-called \u201cregulation by enforcement\u201d approach to crypto regulation it took under the leadership of former Chairman Gary Gensler.<\/p>\n<\/p>\n

Joe Lubin, CEO of Brooklyn-based crypto software company ConsenSys, said in a Thursday X post<\/a> that the SEC has agreed to drop its ongoing securities enforcement case against ConsenSys\u2019s MetaMask wallet tool. Like the agency\u2019s decision to drop its case against crypto exchange Coinbase<\/a>, which was announced last week, the move must first be approved by the agency\u2019s commissioners.<\/p>\n<\/p>\n

\u201cWe were committed to fighting this suit until the bitter end but welcome this outcome. No company wants to be the target of agency enforcement, but at the same time, it was our duty and honor to stand up for blockchain software developers in the hour it was most needed, as I\u2019m sure our industry peers who also stood up against regulatory overreach would tell you,\u201d Lubin wrote.<\/p>\n<\/p>\n

The SEC sued ConsenSys over MetaMask last June<\/a>, alleging that the popular wallet tool was an unregistered securities broker that \u201cengaged in the offer and sale of securities.\u201d The suit came approximately two weeks after the SEC informed ConsenSys that it would close its probe into Ethereum 2.0, which ConsenSys had previously sued the regulator over in April 2024, citing regulatory overreach.<\/p>\n<\/p>\n

The SEC\u2019s decision to drop its enforcement suit against ConsenSys is the latest in a string of dropped cases and investigations into crypto companies, including Gemini, Robinhood Crypto, Uniswap Labs, OpenSea and Coinbase. It’s also asked courts to pause ongoing cases against Binance and the Tron Foundation, as well as their affiliated companies and executives.<\/p>\n<\/p>\n

The agency is currently overhauling its approach to crypto regulation under the new leadership of Acting Chair Mark Uyeda, who created a Crypto Task Force \u2013\u00a0spearheaded by crypto-friendly Commissioner Hester Peirce \u2013\u00a0just one day after Gensler\u2019s departure. In a statement earlier this month, Peirce laid out the SEC\u2019s roadmap<\/a> for crypto regulation, and urged companies to be patient as the agency figured out how to \u201cdisentangle\u201d itself from ongoing litigation.<\/p>\n<\/p>\n

\u201cWe appreciate the SEC\u2019s new leadership and the pro-innovation, pro-investor path they are taking,\u201d Lubin wrote. \u201cWe will remain deeply engaged with public and private policymakers going forward. Crypto wants the U.S. to address the best interests of consumers and businesses alike, and we are already on our way to making that happen.\u201d<\/p>\n<\/p>\n

The SEC declined to comment.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) is dropping yet another case against an American crypto company, as the regulator continues its strategic retreat from the so-called \u201cregulation by enforcement\u201d approach to crypto regulation it took under the leadership of former Chairman Gary Gensler. Joe Lubin, CEO of Brooklyn-based crypto software company ConsenSys, said in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-15378","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15378"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15378\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}