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On February 28, 2025, it became known that the U.S. Securities and Exchange Commission (SEC) closed the case against ConsenSys, the developer of the popular cryptocurrency wallet MetaMask. ConsenSys founder Joseph Lubin wrote on the social network X that once an agreement with the regulator is approved, it will be submitted to the court for the official conclusion of the legal process. Lubin noted that the company was ready to fight the lawsuit to the end, but the result achieved satisfies everyone.
Lubin emphasized: "We were ready to fight this lawsuit to the end, but we are happy with this outcome. No company wants to be the target of enforcement by the SEC, but at the same time, it was our duty to protect blockchain software developers." This statement underscores the importance of protecting developers' interests in the cryptocurrency industry.
The initiative for the legal process against ConsenSys was undertaken by the SEC in June 2024. The regulator accused the company of conducting illegal activities due to the lack of broker registration for performing certain services with the MetaMask crypto wallet. In turn, the SEC demanded the suspension of the service and the imposition of sanctions on the company.
However, the parties reached a compromise, and the regulator is now ceasing the investigation. It is important to note that the co-founder of the Gemini crypto exchange, Cameron Winklevoss, recently reported that the SEC also ceased the investigation regarding his platform and will not recommend enforcement measures for it.
The closure of the case against ConsenSys is an important step in the context of cryptocurrency industry regulation and may be perceived as a positive signal for other companies working in the field of blockchain technologies.