SEC intends to revoke law enforcement lawsuit against ConsenSys and its MetaMask

PANews February 28th news, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) plans to revoke the law enforcement lawsuit against MetaMask, a wallet tool owned by ConsenSys. ConsenSys CEO Joe Lubin said on X platform that the case needs to be approved by SEC members, but the company welcomed the decision and emphasized that it had been prepared for a long-term struggle.

The SEC sued ConsenSys in June 2024, accusing MetaMask of being an unregistered securities broker for suspected illegal provision of securities trading services. Before that, the SEC had ended its investigation into Ethereum 2.0. The withdrawal is the latest move by the SEC to adjust its crypto-regulatory strategy under the leadership of new acting chairman Mark Uyeda. It has previously withdrawn cases against Coinbase, Gemini, Robinhood Crypto, Uniswap Labs and OpenSea, and suspended lawsuits against Binance and the Tron Foundation.

Lubin said he recognized the "pro-innovation, investor-oriented" route of the new SEC leadership and will continue to cooperate with policy makers to promote the development of the US crypto industry.