The US stock and values commission. UU. (SEC) is abandoning another case against an American cryptographic company, since the regulator continues its strategic withdrawal of the so -called “application regulation” approach to the cryptographic regulation that were needed under the leadership of former President Gary Gensler.
Joe Lubin, CEO of the Crypto Software software company, based in Brooklyn, said in a Thursday X post that the SEC agreed to withdraw its case of application of values in progress against the Metamask wallet tool of consensys. Like the agency’s decision to leave his case against Crypto Exchange Coinbase, which was announced last week, the measure must be approved first by the agency’s commissioners.
“We were committed to fighting this suit until the final bitter, but we welcome this result. No company wants to be the objective of the agency’s application, but at the same time, it was our duty and honor to defend the Software Blockchain developers at the time that was most necessary, since I am sure that our colleagues in the industry who also faced regulatory overreach would tell him, “Lubin wrote.
The SEC sued consensys by Metamask last June, claiming that the popular wallet tool was an unregistered stock corridor that “participated in the offer and sale of values.” The lawsuit occurred approximately two weeks after the SEC informed consensys that it would close its probe in Ethereum 2.0, which consensys had previously sued the regulator in April 2024, citing the regulatory overreach.
The SEC’s decision to eliminate its demand for compliance against consensys is the last of a series of retired cases and investigations on cryptographic companies, including Gemini, Robinhood Crypto, UNISWAP Labs, Open and Coinbase. The courts were also asked to pause cases against Binance and the Tron Foundation, as well as their affiliated companies and executives.
The agency is currently reviewing its focus on cryptographic regulation under the new leadership of interim president Mark Uyeda, who created a Crypto task force, headed by Commissioner Crypto-Friendly Hester Peirce, only one day after Gensler’s departure. In a statement earlier this month, Peirce presented the SEC road map for cryptographic regulation, and urged companies to be patients since the agency discovered how to “unravel” of the ongoing litigation.
“We appreciate the new leadership of the SEC and the pro-innovation and pro-investor path they are taking,” Lubin wrote. “We will remain deeply committed to public and private political leaders in the future. Crypto wants the United States to address the best interests of consumers and companies equally, and we are already on the way to make that happen. “
The SEC declined to comment.
