The U.S. Securities and Exchange Commission (SEC) is set to drop its securities enforcement case against ConsenSys's MetaMask wallet tool, according to CEO Joe Lubin. The SEC had sued ConsenSys last June, claiming that MetaMask was an unregistered securities broker. However, the SEC's decision to drop the case is part of its retreat from a "regulation by enforcement" approach to crypto regulation that was taken under former Chairman Gary Gensler. The move follows the dropping of cases and investigations into various other crypto companies, and the SEC is currently overhauling its approach to crypto regulation under Acting Chair Mark Uyeda.



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