New Developments in Major SEC Case Involving Ethereum and Two Altcoins
There has been a surprising update in the SEC’s recent case, which specifically targets two altcoins.
Author:
Mete Demiralp
02.07.2024 – 19:23
Update:
7 seconds ago
A judge in Texas has established an accelerated timeline for the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Consensys, the developer behind Ethereum. The proceedings are scheduled between July 29 and November 26, indicating that a verdict may be reached by late 2024 or early 2025.
Judge O’Connor has agreed to fast-track the case’s evaluation. The central issue is whether the SEC has the Congressional authority to regulate MetaMask, a product developed by Consensys, as a securities dealer and issuer. This update was shared by Consensys’ attorney, Bill Hughes, via a social media platform.
The SEC has accused Lido Finance (LDO) and Rocket Pool (RP) altcoins of running unregistered securities through their staking programs.
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Last month, the SEC filed a lawsuit against Consensys, claiming the company breached securities regulations with its MetaMask Staking and MetaMask Swaps services. MetaMask Staking enables users to stake ETH and MATIC, while MetaMask Swaps allows for the exchange of various cryptocurrencies.
In a statement dated June 28, the SEC alleged that Consensys engaged in unregistered securities offers and sales through its staking programs. Furthermore, the SEC claims that Consensys operated as an unregistered agent in these transactions.
The SEC contends that Consensys entered the U.S. securities market without providing the necessary investor protections mandated by federal securities laws.
*This is not investment advice.
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