The US SEC has decided to drop its case against ConsenSys, which operates the MetaMask wallet. They no longer believe that the wallet violates securities laws. Joseph Lubin, the CEO of ConsenSys, welcomed this decision.
He praised the SEC’s new leadership for being supportive of innovation and investors. This is the sixth case the SEC has dismissed against crypto firms this week, indicating a change in their enforcement strategy. However, the SEC has not made any updates on its high-profile lawsuit against Ripple.
Consensys faced legal action after the SEC raised concerns about its wallet. Lubin expressed satisfaction with the resolution, stating that they reached an agreement to dismiss the case.
Once the SEC formally approves this, the case will be closed. This outcome shows a shift in the SEC’s attitude towards crypto companies under new leadership. Lubin believes this change is good for innovation and investor protection.
While the SEC’s decision is positive for many in the crypto industry, it raises questions about the future of the Ripple lawsuit. This case has been ongoing for over three years and is significant in the debate over crypto regulation.
Recently, the SEC attempted to delay progress in the Ripple case, but there have been few updates. This has led to speculation about whether the SEC will drop its case against Ripple.
A recent closed-door SEC meeting has fueled further speculation about the Ripple case. The agenda included discussions on resolving litigation claims and enforcement proceedings. This has led some to think the SEC might be wrapping up its investigations and lawsuits in the crypto sector. The crypto community is eager for updates, especially regarding Ripple.
Despite the uncertainty around Ripple, some analysts believe the SEC may continue to settle or drop actions against crypto firms. The SEC has already closed investigations into several major players.
The XRP community hopes for a favorable outcome soon, but there are no clear signs yet. As the month ends, the crypto world is watching closely for developments in regulation. The question remains not if the SEC will drop the Ripple case but when.
