MetaMask in Hot Water: SEC Alleges Unregistered Broker Activity, $250M in Fees
- The SEC charges Consensys for allegedly violating the securities laws.
- Reportedly, Consensys failed to register as a broker through its MetaMask swaps service.
- MetaLawMan addresses the lawsuit as a mirror image of the Consensys’ complaint against the SEC.
The Securities and Exchange Commission has filed a lawsuit against ConsenSys, the software company behind the popular MetaMask wallet, alleging the firm violated securities laws by operating as an unregistered broker and offering unregistered securities through its staking programs, MetaMask swaps service.
MetaLawMan, a data and legal expert, took to X (formerly Twitter) to comment on the SEC’s action. He characterized the SEC’s complaint as a “mirror image of the case ConsenSys filed against the SEC in Texas.”
In its lawsuit against the SEC, ConsenSys emphasized the importance of Ethereum and criticized the agency’s regulatory overreach. The crypto firm argued against the SEC’s attempt to classify Ether as a security, highlighting how the regulators’ “reckless approach” is disrupting the crypto ecosystem.
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