The U.S. Securities and Exchange Commission (SEC) has agreed to drop its lawsuit against the blockchain software firm Consensys, according to the company’s CEO, Joseph Lubin.
Last year, the SEC filed a suit against Consensys over MetaMask, claiming that the popular cryptocurrency wallet acted as an unregistered securities broker.
In a new post on social media platform X, Lubin says that Consensys and the SEC have agreed “in principle” that the enforcement case should be dismissed.
“Subject to the approval of the Commission, the SEC will file a stipulation with the court that effectively closes the case. We were committed to fighting this suit until the bitter end but welcome this outcome.”
The development comes as the SEC adopts a friendlier stance on crypto. The federal watchdog has also dropped its civil enforcement action against the US-based exchange Coinbase.
Lubin commends the SEC for changing its approach to crypto.
“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 US to address the best interests of consumers and businesses alike, and we are already on our way to making that happen.”
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