The U.S. Securities and Exchange Commission (SEC) is embroiled in numerous lawsuits against various crypto companies. One of these cases concerns the legal battle against the blockchain software company ConsenSys, founded by Ethereum (ETH) co-founder Joseph Lubin. Recently, Judge O’Connor granted the request of ConsenSys’ lawyers for an expedited decision.

SEC allegations

The SEC accuses ConsenSys of offering and selling unregistered securities through MetaMask Staking and of operating as an unregistered broker.

Since January 2023, ConsenSys has allegedly offered and sold tens of thousands of unregistered securities for liquid staking programs such as Lido and Rocket Pool, according to the government agency. The SEC alleges that ConsenSys has made a lot of money while exposing investors to risk without the protection of federal securities laws.

Important deadlines

In the meantime, some important deadlines have been set. On July 29, the defendants must file their answers. This means that the accused parties must formally respond to the complaint by submitting their defense, positions and any counterarguments to the court.

Next, a limited investigation is expected to be completed on August 16, meaning that the parties have completed the collection of evidence and information necessary to assess specific legal issues. Finally, opening briefs are due by September 20, amicus briefs by November 1, and reply briefs by November 26.

It will be some time before we can expect a verdict. For now, the plan is for the end of the year or early 2025. The outcome will determine MetaMask’s future regulatory status and could have broader implications for the crypto industry.

Latest Developments Ripple vs SEC

Ripple’s lawsuit against the SEC is still ongoing. The government agency accused Ripple in 2020 of selling unregistered securities.

Last year, a judge ruled that XRP sales on exchanges were not subject to federal securities laws, but institutional sales were. The SEC is seeking a fine of nearly $2 billion for this. Ripple, however, has declined to pay more than $10 million.

Despite recent settlement proposals, the rift between the two parties remains wide. Analysts expect the judge to make a ruling sometime this summer, which could clarify the situation for Ripple and XRP.


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