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Judge Approves Expediting SEC's Consensys Case

Consensys gets its request to speed judge's initial review of SEC's case against them.
William M. Peaster William M. Peaster Jul 2, 20241 min read
Judge Approves Expediting SEC's Consensys Case

A Texas judge has approved an expedited schedule for the U.S. SEC’s legal proceedings against Ethereum software company Consensys.

What's the scoop?

  • In its case, the SEC claims Consensys engaged in the unregistered offer and sale of securities and operated as an unregistered broker, thus entering the U.S. securities market without providing investor protection under federal securities laws.
  • Consensys’s request to expedite considering the merits of the case centers on whether the SEC has Congressional authority to regulate MetaMask as a securities broker and issuer.
  • Proceedings are set to start later this month and run until November 26th, with a potential decision by the end of 2024 or early 2025.

Bankless take:

This is a legal battle to watch, as its outcome could clarify the SEC's regulatory overreach over crypto companies operating within the U.S. It could also establish a new, more limited precedent for how the SEC approaches companies that build decentralized technologies going forward. For now, we’ll have to wait and see if Consensys can convince the court that the case is unmerited. 

William M. Peaster

Written by William M. Peaster

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William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he writes the Metaversal newsletter on the onchain frontier, covering everything from AI projects to crypto games, as the team’s lead NFT analyst. With a background in creative writing, he writes fiction and publishes art on Ethereum in his free time. He lives in Washington.

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