AI Summary
- The SEC has dropped its case against Consensys, the creators of popular web3 wallet Metamask, known as a “gateway” to decentralized finance on ETH.
- Consensys’s Joseph Lubin, co-founder of Ethereum, commented on the SEC’s dismissal as multiple web3 companies received a pardon this week.
- That is why we sued the SEC when it became clear that Ethereum was the next target, According to the SEC under Gary Gensler, Metamask was operating as an entry point into a global decentralized ecosystem without proper regulatory oversight, assuming Metamask was skirting some sort of rule.
- With acting SEC chairperson, Mark Uyeda, at the helm, the SEC has begun rewriting their wrongs and withdrawing cases.
The SEC has dropped its case against Consensys, the creators of popular web3 wallet Metamask, known as a “gateway” to decentralized finance on ETH.
Consensys’s Joseph Lubin, co-founder of Ethereum, commented on the SEC’s dismissal as multiple web3 companies received a pardon this week.
The news comes as Metamask plans to roll out support for Bitcoin and Solana as evidenced by their latest roadmap release.
Metamask investigation dropped by SEC
Metamask is the most used web3 wallet for Ethereum DeFi users, allowing traders to connect to just about any decentralized application, decentralized exchange, and purchase crypto using fiat.
Consensys, the creators of Metamask, came under investigation by the SEC in June, 2024 after the government accused them of being an unregistered brokerage and siphoning millions in profit via fees.
From Joseph Lubin:
Devs both here at Consensys and across the space are building a better world and deserve to have someone in their corner fighting for their rights. That is why we sued the SEC when it became clear that Ethereum was the next target,
According to the SEC under Gary Gensler, Metamask was operating as an entry point into a global decentralized ecosystem without proper regulatory oversight, assuming Metamask was skirting some sort of rule.
With acting SEC chairperson, Mark Uyeda, at the helm, the SEC has begun rewriting their wrongs and withdrawing cases.
SEC dismisses multiple investigations, Ripple could be next
Over the past two weeks, the SEC has dismissed investigations against Gemini exchange, Uniswap, the Tron blockchain (TRX), Coinbase, Robinhood and Consensys.
With regular sunshine act meetings, investors are awaiting the big dismissal, which will come from the SEC dropping their case against Ripple and the XRP token.Â
A dismissal on Ripple could come as soon as April 16, the date when Ripple must submit their appeal reply to the government.Â
Sentiment is that Ripple’s case will be tossed out and that an XRP ETF will follow in its wake as institutional investors have already begun betting big on XRP. Over the past three months, XRP has received the most investor inflows for altcoins outside of Ethereum.
Ripple CEO Brad Garlinghouse has met President Trump multiple times and is rumoured to be in line for crypto advisory role in the White House. Â
