SEC Ends Lawsuit Against Consensys
The US Securities and Exchange Commission (SEC) has decided to end its lawsuit against the cryptocurrency company Consensys, marking a shift away from its regulation-by-enforcement strategy for digital assets, as announced by Consensys co-founder Joseph Lubin on Thursday.
In a post on X, shared on the afternoon of February 27, Lubin revealed that the SEC and his blockchain software firm have reached an “in principle” agreement to officially terminate the litigation. The SEC plans to submit a court stipulation that will effectively close the case.
“We felt it was our duty and honor to defend blockchain software developers when it was most needed, and I’m sure our industry peers who also stood against regulatory overreach would agree,” Lubin stated. He added, “No one wants to be the target of agency enforcement. We were prepared to fight this suit to the very end but are pleased with this outcome.”
Prior to this development, the SEC had filed a lawsuit against Consensys last June regarding MetaMask, alleging that the San Francisco-based firm was operating as an unregistered broker of securities and had collected over $250 million in fees from its products, including staking programs.
