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Regulatory Shift Under New Leadership The U.S. Securities and Exchange Commission (SEC) has agreed to drop its lawsuit against blockchain firm Consensys. The case accused Consensys of violating securities laws through MetaMask’s staking services and digital asset swaps. The lawsuit, filed in June 2024, alleged that the company earned over $250 million in fees from these activities.
Ethereum co-founder and Consensys CEO Joseph Lubin confirmed that the SEC plans to file a motion to officially dismiss the case. “Now we can focus entirely on building. 2025 is set to be Ethereum’s best year yet,” Lubin stated, emphasizing the growing shift toward decentralization.
SEC Retreats From Crypto Enforcement This decision is part of a broader trend, with the SEC also dropping cases against Uniswap, Robinhood Crypto, and Gemini. The regulator’s changing stance follows new leadership and an apparent shift in policy regarding digital assets.
Consensys’ Legal Battle With the SEC Before this lawsuit was dropped, Consensys had taken legal action against the SEC in April 2024, challenging the agency’s reported attempt to classify Ethereum (ETH) as a security. The company argued that such a classification would criminalize everyday transactions on the Ethereum network.
Consensys lawyers pointed to former SEC Chair Gary Gensler’s 2018 statements, which suggested ETH was not a security. In June 2024, the SEC ended its investigation into Ethereum, a move Lubin credited to Consensys’ legal pressure.
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