worldcoinindex.com
Ethereum software giant Consensys, the developer of MetaMask, announced Thursday that the U.S. Securities and Exchange Commission (SEC) has agreed in principle to dismiss its lawsuit against the firm.
Consensys founder and Ethereum co-creator Joe Lubin shared the update on X, noting that pending commissioner approval, the SEC will formally file for case dismissal. "We were ready to fight to the end but welcome this outcome," Lubin wrote, emphasizing the company's role in defending blockchain developers against regulatory overreach.
The SEC has not publicly commented on Lubin’s statements, but the move aligns with a broader trend. Over the past week, the regulator has dropped legal actions or investigations against several major crypto firms, including Coinbase, Robinhood, Uniswap Labs, and OpenSea.
The lawsuit against Consensys, filed last summer, targeted MetaMask’s crypto staking service, alleging it operated as an unregistered broker and offered unregistered securities. However, the SEC’s stance on Ethereum has notably softened since last year. After initially considering action over ETH’s security status, the regulator reversed course by approving spot Ethereum ETFs—implicitly classifying ETH as a non-security.
Since President Donald Trump reassumed office in January, the SEC has dramatically pivoted on crypto. The agency has established a digital assets task force, engaged with industry leaders, and systematically dismissed high-profile enforcement actions. The decision to drop the Consensys case further suggests that secondary marketplaces and infrastructure providers will no longer face the same regulatory scrutiny for facilitating crypto transactions.
However, uncertainty remains regarding whether issuers of crypto assets themselves will receive similar regulatory relief.