Regulation
SEC drops its case against MetaMask, Consensys says
- Consensys has announced the SEC will drop its case against MetaMask.
- The regulator sued the company over the wallet’s staking feature, alleging securities violations.
- SEC has dropped investigations or cases against Coinbase, Gemini, Robinhood, Uniswap.
The US Securities and Exchange Commission has agreed to drop its case against MetaMask, Consensys founder Joseph Lubin said.
In an announcement posted on X, the Ethereum co-founder noted the regulator and Consensys had agreed to terminate the legal tussle that SEC brought by suing the wallet provider.
“I’m pleased to announce that Consensys and the SEC have agreed in principle that the securities enforcement case concerning MetaMask should be dismissed. Subject to the approval of the Commission, the SEC will file a stipulation with the court that effectively closes the case,” he noted.
The SEC sued Consensys in June 2023, claiming that the company’s staking service via MetaMask violated the US securities laws.
SEC drops numerous crypto lawsuits, probes
Consensys filed a lawsuit against the regulator in April, with the company’s legal team alleging overreach as the SEC reportedly commenced an investigation against Ethereum and for its probe into MetaMask. Per Consensys, the SEC has erred in alleging that Ethereum (ETH) was a security.
The latest move by the SEC adds to a series of developments that have seen it end investigations or drop several cases. It includes legal tussles against Coinbase and Gemini, and investigations against Uniswap, Robinhood and Opensea.
SEC is taking this direction as the new leadership post-Gary Gensler strikes a pro-crypto and pro-innovation stance.
“We appreciate the SEC’s new leadership and the pro-innovation, pro-investor path they are taking. We 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,” Lubin added.
Consensys and the U.S. Securities and Exchange Commission (SEC) have reached an agreement in principle to dismiss the securities enforcement case concerning MetaMask. The resolution is subject to the approval of the Commission, after which the SEC will file a stipulation with the court to officially close the case.
Consensys and US SEC To Dismiss MetaMask Lawsuit
According to a recent filing, the case against MetaMask marks the sixth crypto-related lawsuit that the SEC has decided to back down from. Consensys, the company behind MetaMask, expressed relief at the outcome.
Joseph Lubin, CEO of Consensys, stated,
“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.”
Lubin highlighted the firm’s commitment to defending blockchain developers and emphasized the importance of the case for the wider industry. He also praised Consensys’ legal team, led by Matt Corva, for their work on the case. Lubin expressed gratitude to the SEC’s new leadership for adopting a “pro-innovation, pro-investor path” and stated that Consensys would continue to engage with policymakers.
The dismissal of the MetaMask lawsuit is part of a larger pattern, as the SEC has recently backed off from other high-profile cryptocurrency cases. Legal actions against Coinbase, OpenSea, Robinhood, and Uniswap have also been dropped. These reversals suggest a shift in the SEC’s regulatory approach toward the cryptocurrency industry.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
House Democrats are set to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, a direct move against meme coins like TRUMP and MELANIA. The proposed MEME Act would prohibit politicians and their families from creating or promoting such coins.
Democrats To Introduce MEME Act To Oppose Political Meme Coins
According to an ABC News report, Democrat Rep. Sam Liccardo will introduce the MEME Act to prohibit the top US government officials and their families from creating and capitalizing on personal meme coins. Specifically, the bill would prohibit the president, vice president, Congress members, senior executive branch officials, their spouses, and dependent children from issuing, sponsoring, or endorsing a security, commodity, or digital asset.
This proposed bill directly opposes political meme coins like TRUMP and MELANIA, which US President Donald Trump and First Lady Melania Trump promoted just before Trump’s inauguration earlier this year. Liccardo told ABC News that he believes that the president and first lady profited from their respective meme coins and enriched earlier investors.
However, the Congressman believes such a move from government officials is wrong. He stated that public offices belong to the public, not the officeholders, and as such, such individuals should not leverage their political authority for financial gain. He also remarked that Trump’s issuance of meme coins financially exploits the public for personal gains and raises concerns of insider trading and external influence on the executive branch.
Although still one of the top meme coins, the official Trump coin has tanked in value. It is currently trading at around $12 and down over 80% from its all-time high (ATH) of $75.
DOJ Allegedly Opens Probe Into Another Political Meme Coin
Amid the introduction of the MEME Act, the US Department of Justice is allegedly investigating the Libra meme coin, a political coin that Argentina President Javier Milei promoted on his X platform.
According to local media, an Argentine law firm filed a complaint with the US authorities. The DOJ’s probe will examine potential economic crimes, including fraud and market manipulation. There are also concerns of insider trading, with early investors reported to have made over $100 million from the coin.
As CoinGape reported, the Libra token turned out to be a scam. It crashed over 90% following a rug pull by the team, who withdrew over $80 million from the token’s liquidity pool. Interestingly, the team behind the Libra token is believed to be behind the MELANIA meme coin.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The US Securities and Exchange Commission (SEC) has ended its investigation into Gemini without filing any charges. However, Gemini co-founder Cameron Winklevoss has strongly criticized the agency, accusing it of causing financial and operational harm to the crypto industry.
US SEC Ends Gemini Investigation Without Charges
On Monday, the US SEC informed Gemini’s legal team that it had closed its probe into the cryptocurrency exchange. The investigation lasted 699 days, and the agency had previously issued a Wells Notice to Gemini 277 days ago. Despite the SEC’s decision to drop the case, Winklevoss expressed frustration, arguing that the prolonged scrutiny harmed the company and the broader industry.
“This comes 699 days after the start of their investigation and 277 days after they sent us a Wells Notice,” Winklevoss said in a post on X. “The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation.”
The US SEC has not provided a public statement on the decision to end its investigation. The case was part of a broader regulatory crackdown on cryptocurrency firms, which also included actions against other major industry players.
Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Will XRP Crash Below $2 in March? Latest Insights
Cardano Founder Charles Hoskinson Downplays BitBoy’s Claim Of Saving ADA
Texas Bitcoin Reserve Bill Passes Committee 9-0
MEME Act Could Ban TRUMP And Political Token Launches
Consensys and US SEC Reach Agreement To Dismiss MetaMask Lawsuit
Analyst Confirms XRP Price Can Still Reach $320, Here’s When
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market23 hours agoTrump Announces EU Tariffs and Bitcoin Falls Below $85,000
-
Altcoin22 hours agoThis Indicator Proves Chainlink (LINK) Price Has Bottomed Out
-
Bitcoin22 hours agoAre Bitcoin ETFs Responsible For The Crash? The Hidden Truth
-
Market22 hours agoSEC Drops Gemini Probe, But Winklevoss Wants Penalties
-
Market21 hours ago5 RWA Altcoins to Watch In March 2025
-
Market19 hours agoPi Network Hits All-Time High as Trading Volume Surges
-
Market17 hours agoPump.fun Social Media Hacked to Promote Fake PUMP Token
-
Altcoin24 hours agoShiba Inu Price Eyes 450% As It Holds Above Critical Level
✓ Share: