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.
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