CandleFocus MetaMask dev Consensys: SEC claims unsupported in law
2024-11-01
Author: Content Editor
Ethereum infrastructure developer Consensys has responded to the U.S. Securities and Exchange Commission's (SEC) allegations of securities law violations. Consensys refuted the SEC's claims, accusing the agency of launching an unconstitutional attack on the decentralized finance ecosystem. The company had previously sued the SEC over its Ethereum investigation. The SEC alleges that Consensys' crypto wallet, MetaMask, operated as an unregistered broker and securities issuer, and that its staking service violated financial regulations. Consensys has countersued the regulator to determine the extent of the SEC's regulatory oversight. In the midst of these legal battles, Consensys has announced staff layoffs, reducing its workforce by 20%. Some firms under SEC litigation may see the upcoming U.S. general elections as a potential advantage, as political changes could impact the commissioners involved in the case.
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