Hassan Maishera
TL;DR
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The U.S. SEC has dropped its cases against crypto exchange Coinbase and ConsenSys’s MetaMask.
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The regulator had earlier ended its investigations into Gemini, Uniswap Labs, and Robinhood.
SEC Ends Cases Against Coinbase and MetaMask
The United States Securities and Exchange Commission (SEC) has dropped its enforcement case against Coinbase. This decision implies that the SEC no longer believes the crypto exchange houses crypto tokens that are viewed as securities.
In its press release, the SEC Acting Chairman Mark T. Uyeda, stated that,
“For the last several years, the Commission’s views on crypto have been largely expressed through enforcement actions without engaging the general public. It’s time for the Commission to rectify its approach and develop crypto policy in a more transparent manner. The Crypto Task Force is designed to do just that.”
However, dropping this case doesn’t free the regulator from other Coinbase legal matters, including the company’s petition to force the SEC to establish crypto rules. Coinbase is also pursuing internal documents in its ongoing work to reveal the SEC’s private deliberations on how to approach digital assets.
I'm pleased to announce that Consensys and the SEC have agreed in principle that the securities enforcement case concerning MetaMask should be dismissed. Subject to the approval of the Commission, the SEC will file a stipulation with the court that effectively closes the case.…
— Joseph Lubin (@ethereumJoseph) February 27, 2025
In addition to Coinbase, the SEC is also dropping its case against ConsenSys’ MetaMask. CEO of Brooklyn-based crypto software company ConsenSys, Joe Lubin revealed this on Thursday. Lubin stated that,
“We were committed to fighting this suit until the bitter end but welcome this outcome. No company wants to be the target of agency enforcement, but at the same time, it was our duty and honor to stand up for blockchain software developers in the hour it was most needed, as I’m sure our industry peers who also stood up against regulatory overreach would tell you.”
The regulator sued MetaMask in June 2024, claiming that MetaMask was an unregistered securities broker that “engaged in the offer and sale of securities.”
These latest developments come as the SEC closed its cases against several crypto companies earlier this week. The SEC has ended investigations into Gemini, OpenSea, Robinhood, and Uniswap Labs.
