SEC Drops Lawsuit Against Consensys

The US Securities and Exchange Commission has withdrawn its lawsuit against Consensys, the creator of the widely-used MetaMask crypto wallet, the company announced on Thursday.

In a separate announcement on Thursday, the SEC confirmed the dismissal of its lawsuit against cryptocurrency exchange Coinbase.

On February 21, Coinbase noted that the SEC had “agreed in principle to dismiss its unlawful enforcement case.”

SEC Commissioner Hester Peirce attributed the decision to drop the Coinbase lawsuit to the ongoing efforts of the agency’s month-old Crypto Task Force. Led by Peirce, this task force is responsible for developing new regulations for crypto assets.

On January 21, Donald Trump appointed Commissioner Mark Uyeda as the SEC’s acting chair. Since then, the agency has shown a more favorable stance toward cryptocurrency, actively seeking industry input on upcoming regulations and expediting the closure of lawsuits and investigations.